Arrimus Capital Sells 518-Bed Student Housing Property in Ames, Iowa for $44M
AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.