Stadium View Suites
Ames, IA
Class A, 518-bed student housing development located near the heart of Iowa State University Athletics.
Property Description:
| Status: | Sold |
|---|---|
| Type: | Student Housing |
| Location: | Ames, IA |
| Class Type: | Class A |
| Years Built: | 2016-2017 |
| Beds: | 518 |
Investment Highlights
| Original Investment Date: | October 2015 |
|---|---|
| Realized Multiple on Invested Capital: | 2.13x |
| Realized Investor IRR: | 46% |
Investment Background
Stadium View Suites is a luxury student housing development with 518 beds on the southeast side of Iowa State University, centrally located less than a 10-minute commute to ISU Athletic Facilities, retail, and restaurants.
Execution
The total development was completed in two phases, with the 2nd phase completed in July 2017. Occupancy rates of 98%+ were achieved in 2016-2017 and pre-leasing for the 2017-2018 academic year also exceeded 98%.
Results
The asset was sold in December 2017 realizing investor MOIC of 2.13x and IRR of 46%.
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