DETROIT – April 4, 2018 – Berkadia today announced the sale of The Courtyards Apartments, a student housing property in Ann Arbor, Michigan. Kevin Larimer and Greg Gonzalez of Berkadia’s Student Housing team secured the deal on behalf of the seller, Kensington Realty Advisors, Inc., based in Chicago. The buyer was Chicago-based Harrison Street Real Estate Capital LLC, one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors.
“Courtyards is the only purpose-built student housing asset serving University of Michigan’s North Campus, which is home to the majority of the university’s STEM programs,” said Larimer. “U of M has strong growth plans for the North Campus, and there is no land to accommodate additional off-campus housing, making Courtyards the primary housing destination for Michigan’s STEM students for the foreseeable future.”
The 320-unit development features floor plans ranging from one- to four-bedrooms that come furnished and include granite countertops, full-size washers and dryers and fully equipped kitchens. Residents can also take advantage of several amenities on-site, such as a game room, a movie theatre, a fitness center, a picnic area, bike storage, a study room and emergency maintenance. The asset is adjacent to University of Michigan and within walking distance to several nearby restaurants and shops.