Pierce Buys Student Housing Community Near Iowa State University for $21.3 Million

AMES, IOWA — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.3 million. The seller was undisclosed. KeyBank Real Estate Capital provided debt financing of $11.4 million. South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park. PEP plans to add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce a shuttle service to and from campus. Community amenities include enclosed garage stalls, a 24-hour fitness center, basketball courts, free tanning salon and high-speed Internet. Iowa State University, which enrolls more than 34,400 students, has experienced a 23 percent growth in enrollment over the past five years.