Lutz and Harrison Street Buy University Meadows at Central Michigan University
Lutz News
Published: March 24, 2019 – by Lutz Real Estate Investments
Lutz and Harrison Street Buy University Meadows at Central Michigan University
Mount Pleasant, Mich. — A joint venture between Lutz Real Estate Investments and Harrison Street Real Estate Capital has acquired University Meadows, a student housing community adjacent to Central Michigan University in Mount Pleasant.
This purchase is the seventh student housing community acquired by the group. University Meadows consists of 616 beds and offers an amenity package including washers/dryers in every unit, a sand volleyball court, basketball court, business center, a resort style swimming pool with a hot tub, a recreation room and fitness center. It is located within walking distance to CMU’s campus and nightlife.
Constructed in 1999, University Meadows recently received a significant capital infusion in interior upgrades
Constructed in 1999, University Meadows recently received a significant capital infusion in interior upgrades: new black appliances, hardwood-style flooring throughout the common areas, and new leather-style furniture.
95 percent occupied for the past five years
According to Lutz, the property has been more than 95 percent occupied for the past five years. Over the past three years, Lutz and Harrison Street have acquired more than 2,800 beds at five major universities around the country.
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Lutz Real Estate Investments, Development & Management Company
Lutz Real Estate Investments is a fully integrated real estate organization with a history that spans for more than 60 years. Throughout its history, the firm has positioned itself to profit despite the cyclical nature of real estate by investing in diverse property types and geographic locations. Our achievements are founded on the belief that creating value requires imaginative thinking, professional skills and a disciplined process.