Student management

Monarch pays $20 million for student housing in the Cleveland area

The deposit. Image courtesy of Colliers

Monarch Investment and Management Group acquired The Depot, a 624-bed student housing community in Akron, Ohio, serving the University of Akron. Rialto Capital Advisors sold the property for $20.4 million, and Necklaces negotiated the transaction. The property was auctioned off as an asset belonging to the lender.

Completed in 2014, the community spans 3.5 acres and includes a four-story building with 192 units in a mix of one-, two-, three-, and four-bedroom apartments, averaging 1,178 square feet. squares. Communal facilities include a swimming pool, fitness center, clubhouse, business center, computer lounge, private study rooms, and heated courtyard.

Located at 80 E. Exchange St., the facility is in downtown Akron, two blocks from the college campus and approximately 39 miles from Cleveland. Students have access to many cultural and entertainment opportunities, such as museums, concert halls and art galleries. Dining and retail options are available in the immediate area along East Exchange Street and South Main Street. Akron Fulton Airport is just 6.5 miles away.

Student Housing managing directors Sean Baird and Jonathan Holt of Colliers facilitated the transaction.

The student housing sector is recovering in a post-pandemic market. In March, 63.7% of beds at Yardi 200 universities were pre-released. As for development, 28,000 rooms are expected to be delivered in 2022. On the investment side, $920 million of student housing assets were traded in the first quarter of the year, at an average price per bed of around $84,000.