Bridge Partners Announces its Third Acquisition of 2013, a 432-Bed Student Housing Property at MSU
East Lansing, MI March 06, 2013
Bridge Partners is pleased to announce its third acquisition of 2013 with the purchase of The Pointe at 3636, a 432-bed student housing community near Michigan State University (MSU). The property, built in 2001, offers a variety of amenity options including a basketball court, a sand volleyball pit, a 24-hour fitness center and a heated swimming pool & Jacuzzi. The property is located just north of MSU, one of the largest campuses in the nation and home to various ranked academic, athletic and research and service programs.
Bridge Partners was represented by Grant Ancevic of Student Housing Investments, LLC (SHI) for the purchase of this transaction. At closing, Bridge Partners will partner with Asset Campus Housing (ACH) to execute a value-add business plan by incorporating a renovation budget of over $7,600 per unit. Some of the items covered in the extensive capital plan will include a complete redevelopment of the existing clubhouse, the addition of a modern outdoor fireplace, as well as new flooring and furniture packages in each unit. Currently, Bridge Partners is actively seeking additional investments that fit within its value add and/or student housing business plans, as indicated by the acquisition criteria shown to the left.
Headquartered in Houston, Texas, Asset Campus Housing is an affiliate of Houston-based Asset Plus Companies, a third party property management firm specializing in real estate services for universities, investors, developers, and owners.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. In its history, Bridge Partners has completed over 200 transactions across 17 states and 50 domestic markets. Its existing portfolio features 7,000 units across 13 states.