Developer buys student housing in Indiana

Refurbishing likely for community

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CB Richard Ellis' Multi-Housing Group negotiated the sale of Colonial Crest Apartments in Bloomington, Ind. The value of the transaction was not disclosed. AIMCO sold the 208-unit student housing community to Copper Beech Townhome Communities, a development company. Colonial Crest is the developer's first acquisition in the area. However, it has developed and owns another community in Bloomington and two in West Lafayette, Ind. "Located near the Indiana University campus, Colonial Crest is an ideal candidate for repositioning," said Steve LaMotte, first vice president of CBRE's Multi-Housing Group. "Given its relatively low current rents and its close proximity to the university's stadium and other amenities, this property has tremendous value-add potential." Los Angeles-based CB Richard Ellis Group Inc. is a commercial real estate services firm operating worldwide. ...