A joint venture between the Woodlark Companies, Westpac Campus Communities and an institutional investor has acquired a student housing portfolio in East Lansing, Mich. For the transaction, Woodlark executed an $85 million debt placement with JP Morgan Chase. The total purchase price for the transaction was $101.7 million.
The portfolio totals 2,772 beds. Chandlers Crossing is comprised of The Village with 1,068 beds, The Club with 768 beds and The Landing with 936 beds, all serving students attending Michigan State University.
This acquisition brings Woodlark’s total management portfolio to 16,740 beds and ownership portfolio to 13,807 beds; ranking 12th and seventh,, respectively, among the student housing industry’s top contenders.
Woodlark will manage the three properties and position the assets to offer modern renovations and premium enhancements, as well as invest $9 million to make improvements, including unit upgrades, to all of the apartments. The rehab will include new flooring, cabinets and appliances and will cater to the growing student population at Michigan State University. Woodlark will redesign the existing leasing center to showcase the upgrades and offer a retreat for current residents. All three properties offer extensive amenity packages, which will aid in the repositioning of the assets to become the premier housing option for students in East Lansing.