Phoenix, Ariz., February 19, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the completion of the sale of a seven-property, 5,311-bed student housing portfolio, with transacted assets located in the Power 5 markets of Gainesville, FL, Athens, GA, Urbana, IL and mid-major market of Harrisonburg, VA.
IPA Executive Managing Director Peter Katz represented the seller, Saban Real Estate, and procured the undisclosed portfolio purchasers.
“We are proud to have completed the disposition of these seven assets on behalf of Saban Real Estate,” said Peter Katz, IPA Executive Managing Director. “Saban’s tremendous partnership and commitment aided in helping move these transactions across the finish line.”
The seven-property value-add portfolio included 1,642 units and 5,311 beds across three top, growing Power 5 university markets of University of Florida, University of Georgia and University of Illinois, and the highly-desirable, James Madison University market, where enrollment has increased by 12.8 percent over the past decade. Each amenity-laden property in the portfolio provides students with apartments that feature full bed-bath parity and proximity to campus. Ranging in vintage from 1989 to 2002, the in-demand communities are all located less than one mile from their associated univer sity boundary.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com