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Three Apartment Communities Move for $106M

COLUMBUS, OH-Edwards Communities Apartments sells three university apartment communities to American Campus Communities for $106 million.

By Gina Kenny | Updated on March 19, 2007

(To read more on the multifamily market, click here.)

COLUMBUS, OH-Edwards Communities, a local developer, has sold three university apartment complexes in Kentucky, Michigan and Ohio to Austin, TX-based American Campus Communities, for $106.6 million, including the assumption of $70.7 million in debt. The cap rate for the sale is 6.5%, says senior investment advisor Kevin Larimer, with Hendricks & Partners.

The sale included the 858-bed Newton Crossing at 359 Foreman Ave. near the University of Kentucky in Lexington, KY; the 550-bed Olde Towne University Square at 1744 N. Westwood Ave. near the University of Toledo in Toledo, OH; and the 479-bed Peninsular Place at 1000 N. Huron River Dr. in Ypsilanti, MI, near Eastern Michigan University.

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