BRIDGE PARTNERS ACQUIRES 432-BED PROPERTY AT MSU

EAST LANSING, MICH. — Private equity investment firm Bridge Partners has completed the purchase of The Pointe at 3636, a 432-bed community near Michigan State University (MSU). The property, built in 2001, offers amenities including a basketball court, sand volleyball pit, 24-hour fitness center and a heated swimming pool and Jacuzzi. The property is north of MSU. Grant Ancevic of Student Housing Investments represented Bridge Partners in the purchase. At closing, Bridge Partners will partner with Asset Campus Housing to execute a value-add business plan by incorporating a renovation budget of approximately $7,600 per unit. Some of the items covered in the capital plan will include a complete redevelopment of the existing clubhouse, the addition of an outdoor fireplace, as well as new flooring and furniture packages in each unit.