LaSalle Acquires Student Housing Complex Near Michigan State University
LaSalle Investment Management has acquired Red Cedar Flats, a 190-unit, 436-bed purpose-built student housing community located within walking distance to Michigan State University in East Lansing, Michigan.
LaSalle acquired the property on behalf of LaSalle Value Partners IX, alongside joint venture partners King Bridge Partners and Clear Rock Capital. Completed in 2021, Red Cedar Flats is strategically positioned to serve Michigan State University’s student population. The acquisition represents LVP IX’s first investment in the student housing sector.
“Student housing is an attractive residential subsector, particularly for newer, campus-adjacent assets at large universities experiencing enrollment growth, limited new development and constrained housing options,” said Jeff Shuster, President of LaSalle Value Partners. Red Cedar Flats is a well-located, high-quality asset that fits this thesis. “The property was acquired below replacement cost with in-place cash flow and represents an attractive opportunity to generate strong risk-adjusted returns for our investors.” Housing operator University Partners will provide property management and co-asset management services.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout