CAMDEN, NJ, January 07, 2022 (GLOBE NEWSWIRE) – The Michaels Organization, a national leader in residential real estate, with full service capabilities in development, property management, construction and investment, announced today She completed the sale of three student residences specially designed for students, two in New York and one in Texas.
“The strategic sales of these high quality and financially prosperous assets will continue to fuel the future growth of Michaels student life and market rate developments, while providing attractive returns to our investment and capital partners who supported us in these transactions. “said Michael Flanagan, executive vice president of Michaels.
The two New York sales include 505 on Walnut, an off-campus community next to Syracuse University, which Michaels completed in 2018. The 126-unit / 363-bed property features modern amenities and upscale amenities , including Smart Home technology. The property, which is currently 100% pre-let for fall 2022, will continue to be managed by The Michaels Organization. A New York-based student housing fund bought 505 on Walnut.
Harrison Street, a leading investment management firm focused exclusively on alternative real assets, and The Michaels Organization have recapitalized APEX, one of the largest off-campus student housing projects in New York City. Located directly across from the Rochester Institute of Technology, a leading STEM-focused university in Rochester, NY, the property offers an innovative community with modern apartments in one to five bedroom configurations. The property has abundant community spaces and Smart Home technology, an Esports arena and charging stations for electric cars. The transaction, which closed in December, is one of the largest single-asset student housing transactions of 2021. Michaels Organization will continue to act as property manager for APEX.
Michaels also sold Hill Country Place, a 228-unit / 696-bed student housing community located off-campus near the University of Texas at San Antonio. Michaels acquired the property in 2017, as a value-added proposition, repositioning the asset which, at the time of the sale, was 97.4% leased.
Through strong execution, Michaels was able to sell all three properties at a price in excess of the initial subscribed returns.
The Michaels organization has been developing purpose-built student housing communities since 2011 in strategic markets across the country and has a strong existing pipeline of student rate and market developments for delivery in 2022 and beyond. .
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate, providing full service capabilities in development, property management, construction and investment management. Serving more than 175,000 residents in more than 440 communities across 37 states, the District of Columbia and the U.S. Virgin Islands, Michaels is committed to designing housing solutions that stimulate education, civic engagement and neighborhood prosperity and creating communities that improve life.
Media contact: Laura Zaner, 856-988-5983; [email protected]
Image 1: APEX
The APEX student life community is located directly across from the Rochester Institute of Technology.
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