EAST LANSING, MI—Student housing REIT EdR has shelled out $20.9 million in cash for a 355-bed community near Michigan State University here. The 106-unit Campus Village was built in two phases in 2002 and 2004. The seller’s identity was not disclosed.

The sale equates to an economic cap rate of about 6.7% on the next 12 months’ expected net operating income. The property is 97.7% leased for current school year at an average lease rate of $639 per bed per month.

In addition to fully furnished one- to four-bedroom units with private bathrooms, the community offers a clubhouse with fitness center, tanning bed, computer lab/business center, game room, volleyball court and grill/picnic area.