IPA Brokers Sale of 537-Bed Student Housing Asset Near Iowa State University
June 27, 2024
AMES, Iowa, June 27, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged the sale of Union on Lincoln Way, a 177-unit, 537-bed student housing community adjacent to the Iowa State University (ISU) campus in Ames, Iowa.
Peter Katz, IPA executive director, represented the Charleston-based seller, Greystar, in the transaction. Greystar is a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences. ARTISAN Capital Group and EOS Residential Advisors acquired the property for an undisclosed price. Jon Ruzicka is Marcus & Millichap’s broker of record in Iowa.
“Union on Lincoln Way is one of the top student housing assets in the ISU market,” said Katz. “Fall 2023 saw the university welcome its largest freshmen class since 2018, with a total of 8,715 new students, driving demand. With Union on Lincoln Way’s tremendous location, students can walk or bike to anywhere on campus from the property and enjoy the community’s luxury amenities when at home.”
Completed in 2018, Union on Lincoln Way is situated in Campustown, a student-centric neighborhood across the street from ISU. The six-story property features a wide variety of floor plans, including studios and one-to-five-bedroom units. All units have private bedrooms and bathrooms, fully equipped kitchens with granite countertops, and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, clubhouse, business center, study rooms, on-site retail, and a roof-top terrace.
Peter Katz, IPA executive director, represented the Charleston-based seller, Greystar, in the transaction. Greystar is a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences. ARTISAN Capital Group and EOS Residential Advisors acquired the property for an undisclosed price. Jon Ruzicka is Marcus & Millichap’s broker of record in Iowa.
“Union on Lincoln Way is one of the top student housing assets in the ISU market,” said Katz. “Fall 2023 saw the university welcome its largest freshmen class since 2018, with a total of 8,715 new students, driving demand. With Union on Lincoln Way’s tremendous location, students can walk or bike to anywhere on campus from the property and enjoy the community’s luxury amenities when at home.”
Completed in 2018, Union on Lincoln Way is situated in Campustown, a student-centric neighborhood across the street from ISU. The six-story property features a wide variety of floor plans, including studios and one-to-five-bedroom units. All units have private bedrooms and bathrooms, fully equipped kitchens with granite countertops, and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, clubhouse, business center, study rooms, on-site retail, and a roof-top terrace.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.