KALAMAZOO, MICH. — Hendricks & Partners (H&P) has brokered the sale of University Club at Howard, a 120-unit student housing community located directly across from Western Michigan University in Kalamazoo. Situated on 9.3 acres, the community consists of six four-story buildings with all four-bedroom units. The property also contains a leasing office with two staff apartment units. It is fully pre-leased for the upcoming academic year. University Club at Howard was acquired out of receivership by Campus Habitat 16 LLC, a subsidiary of New York City-based Campus Habitat. As part of the deal, Campus Habitat will assume the property’s existing financing from Wells Fargo Bank, N.A., which is acting as trustee for the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Corp. Kevin Larimer of H&P’s National Student Housing Advisory Group arranged the transaction as the court appointed disposition receiver. The special servicer for the property’s new financing is J.E. Robert Cos.
H&P recently brokered two additional Midwest multifamily transactions. In Mehlville, Mo., Paul Cunningham of the firm’s St. Louis office represented both parties in the $2.05 million disposition of Vescovo Townhomes. The 29-unit community is located at 3605-3685 Vescovo Dr. The seller was Ballwin, Mo.-based Vescovo Townhomes LLC and the buyer was Imperial, Mo.-based Vescovo LLC.
In St. Louis, Cunningham and Ken Aston, also of H&P’s St. Louis office, represented both parties in the sale of Clara, a 69-unit community located at 605 Clara Ave. The seller was locally based MIRP/DeBaliviere II LLC and the buyer was locally based Clara Holdings LLC.
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