Student Lofts Change Hands in Grand Rapids
- Aug 24, 2015
By Ioana Neamt, Associate Editor
A 65-unit student housing community in downtown Grand Rapids, Mich. recently changed hands in a deal arranged by Marcus & Millichap.
Lofts @ 5 Lyon, a 65-unit, 175-bed student housing building at 5 Lyon St. Northwest sold for $12.5 million, or $192,000 per unit, to an undisclosed buyer. Senior associate with Marcus & Millichap Michael Cagen represented the seller in the transaction and also procured the buyer for the property.
“Lofts @ 5 Lyon is a former office building that was converted to student housing with a limited first floor office and retail component in 2008,” said Cagen. “The location is ideal for students as the Kendall College of Art and Design, Michigan State University Medical School, Ferris State University, Cooley Law School, Western Michigan University and Grand Rapids Community College are all within walking distance.”
The community is conveniently located adjacent to a bus stop and various dining and entertainment destinations. The property incorporates studio, one-, two-, three-, and four-bedroom apartments and amenities such as secure keycard access, high-speed wireless Internet and private single bedrooms.
Image courtesy of Lofts @ 5 Lyon