TAMPA, Fla. (June 5, 2019) – A portfolio of three Class A student housing properties in the Midwest has been listed for sale by Colliers International’s National Student Housing Group, comprised of brokers Dorothy Jackman, Executive Managing Director and Jamie Swick, Senior Associate.
The properties include:
● The Annex of Oshkosh in Oshkosh, Wisconsin. The 141-unit property has 310 beds and serves students at The University of Wisconsin-Oshkosh. The property was built in 2018 and is pre-leased at 79% for fall 2019.
● The Annex of Terre Haute in Terre Haute, Indiana. The 254-unit property has 408 beds and serves students at Indiana State University. The property was built in 2018 and is pre-leased at 102% for fall 2019.
● The Annex of Warrensburg in Warrensburg, Missouri. The 87-unit property has 324 beds and serves students at The University of Central Missouri. The property was built in 2017 and is pre-leased at 49% for fall 2019.
The seller, The Annex Group, is an Indianapolis-based student housing and multifamily developer, contractor and community property owner. The group has overseen nearly $1 billion in single family, multifamily and mixed-use projects, including both redevelopment and ground-up construction.
“Student housing portfolios are an attractive option for investors looking to move large amounts of capital at one time,” said Colliers’ Jackman. “The strong return rate in this type of investment has made portfolio sales more and more common.”
Each of the properties can be sold individually and provides a unique appeal to the portfolio. Annex of Oshkosh and Annex of Warrensburg are in markets with high barriers to entry, combined with schools that boast significant year-over-year enrollment growth.
Annex of Terre Haute offers a phase two opportunity of a 2.7-acre parcel across the street, which currently serves as parking for the residents. The site allows up to 8 stories tall and up to 900 units. Annex of Terre Haute is also 5 minutes from Indiana State University, which was named the “Best in the Midwest” by the Princeton Review.
The Annex of Terre Haute and of Oshkosh are the first student housing properties in their markets to offer by-the-bed leasing and to come furnished. Annex of Oshkosh comes with a tax agreement in place specifying set tax amounts due through the year 2045.
The Colliers National Student Housing Group also has listed a two-property student housing portfolio in Kalamazoo, Michigan. The properties serve Western Michigan University and are 100% occupied. The overall portfolio offers 351 total units and 1,044 beds.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
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