Student housing sells for $130 million

Buyer plans massive nationwide expansion by 2010

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A joint venture between The Pierce Co. Inc. and The Fidelity Real Estate Group has completed the purchase of a portfolio of four off-campus student housing communities in Michigan, and expects to close on a fifth purchase within 60 days. The $130 million, 3,516-bed, five-property portfolio includes four properties in East Lansing located near Michigan State University and one property near Central Michigan University in Mount Pleasant. The properties near MSU include: The Village at Chandler Crossings I (scheduled to close by March 2007), The Village at Chandler Crossings II, The Club at Chandler Crossings, and The Landings at Chandler Crossings. The property near CMU is known as The Village at Bluegrass. Atlantis Campus Communities LLC sold the portfolio, which closed on Jan. 12. Fred Pierce, CEO of The Pierce Co. Inc., said these acquisitions are "part of a $500 million national student housing acquisition program we will implement over the next three years." Some of the more un...