American Campus Communities, owned by Blackstone, has offloaded Olde Towne University Square, an 832-bed student housing complex in Toledo, Ohio, for nearly $19 million, as reported by Yardi Matrix. The property caters to students at the University of Toledo.
The buyer, a private individual, acquired the asset for about $65,227 per bed and took out a $16.3 million Freddie Mac loan for this acquisition, which is set to mature in 2031.
This sale marks the first student housing property to trade in the local market since 2018 and the first dedicated student housing asset to trade in the school market this decade.
Olde Towne University Square is located at 1744 N. Westwood Ave., within walking distance of The University of Toledo campus and Glass Bowl Stadium, with several dining and retail centers nearby. The community is also close to other amenities, including Franklin Park Mall, which is about 4 miles away, and Downtown Toledo, which is within 7 miles southeast.
The property consists of four two- and three-story buildings across almost 9 acres, with fully furnished units having one- to four-bedroom floorplans ranging from 439 to 1,494 square feet.
Common-area amenities include a fitness center, basketball court, courtyard, and swimming pool with sun deck, among others. Additionally, the community features a multimedia area with gaming systems, yoga and Pilates studio, movie theater room, and barbecue grills and study areas, providing residents with a range of recreational and academic spaces.
American Campus Communities, founded in 1993, has student housing communities serving 72 campuses and has made other student housing deals this year, including the sale of U Club Townhomes at Oxford in March. The company’s history of acquiring and disposing of properties dates back to 2007, when it acquired a 291-unit property in a portfolio transaction from Edwards Cos.
They have a preference for properties serving major universities, especially those with strong occupancy and resilient rent growth, and locations close to campus, which is why student housing investment activity remains active. The last such deal in the area happened in April 2018, when the 592-bed Edge 1120 changed hands, and American Campus Communities’ recent disposal of Olde Towne University Square marks a significant transaction in the local market, following the company’s sale of U Club Townhomes at Oxford, a 528-bed student housing property, to College Town Communities in March.
Leave a Reply