From 2013 through the end of 2016, the Midwest will have seen 111 sales in the student-housing market. And those sales will have generated more than $3 billion in total sales volume, according to data from Triad Real Estate Partners.
Triad says that 26 of these sales will have occurred in 2016, and that these student-housing sales will result in more than $1.046 billion in sales volume.
How strong is that? Triad says that 2016 will replace 2015 as the busiest year ever in terms of total student-housing sales in the Midwest.
Student housing has become a sought-after investment type. Triad reported several major transactions in this space in the Midwest alone. The 481-bed University Mills in at the University of Northern Iowa sold for $16.4 million, while the Wolf River Portfolio of 195 beds sold for $15.2 million at Michigan State University.
At Western Illinois University, the 639-bed Campus Pointe and Campus Manor student-housing developments sold for $22.9 million. At Michigan State University again, the 342-bed Hunters Ridge Apartments sold for $14.3 million.