A joint venture between The Woodlark Companies, Westpac Campus and an institutional investor has acquired a Michigan-based Chandlers Crossing Communities portfolio for $101.75 million. For the transaction, Woodlark executed an $85 million debt placement with JP Morgan Chase. Woodlark will manage the properties and said it will position the assets to offer modern renovations and premium enhancements.
Chandlers Crossing is comprised of The Village with 1068 beds, The Club with 768 beds and The Landing with 936 beds, all serving students attending Michigan State University. The Woodlark Companies will invest $9 million to make improvements, including unit upgrades, to all of the apartments.
For more news and information visit Blumberg Capital Partners.
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