While the community is just a half-mile from the University of Arizona campus, a light rail system will be opened up next year that will pass within half a block of the clubhouse, serving both the university and Downtown Tucson. Students are also a half-block away from the Congress Avenue shopping and entertainment district.

No doubt the property’s location attracted several offers. According to Katz, “Institutional investors, in an effort to place allocated capital, have become more aggressive in their pricing. This has resulted in compressed cap rates and lowered unleveraged yields, especially for properties at tier-one universities with residents from strong socio-economic backgrounds.”

Marcus & Millichap was also on hand when a similar presented itself up north. The firm’s VP of investments, Earl Elliot, acted on behalf of seller Ernie Shaffer, a private investor, in the sale of Campus Village Apartments.

The East Lansing, MI community, says Elliott, “is the type of property that all investors seek but that rarely comes to market.”

The 357-bed student housing property commanded $20.9 million, a sales price that amounts to $58,824 per unit and $73 per square foot. The 284,675-square-foot asset sits at 1151 Michigan Ave., within blocks of Michigan State University, a Big Ten Conference school with an enrollment of some 47,000.

“One of our client’s main objectives was to complete the sale as quickly as possible,” says Elliot. “We met this goal by closing 68 days after receiving the assignment.”

Elliot, along with Marcus & Millichap associates Chris Futo and Gordon Navarre, also represented the buyer, EDR. The three brokers are all based in the firm’s Detroit office.

Built in two phases in 2003 and 2005, Campus Village offers parking for each resident, a gaming center, fitness center, computer lab and complimentary high-speed Internet and DirecTV with HBO. Each apartment unit is furnished and has individual leases, in-unit washers and dryers and roommate-matching assistance.