INDIANAPOLIS, IN – HFF announced today that it has closed the sale of and arranged acquisition financing for a seven-property, 332-unit/892-bedroom student housing portfolio near Ball State University in Muncie, Indiana.
HFF marketed the portfolio on behalf of the seller, Klingbeil Capital Management. Peak Property Group, LLC purchased the assets for $15.8 million. HFF then assisted the buyer with acquisition financing through Jefferies LoanCore.
The Ball State Portfolio is comprised of Autumn Breeze Apartments, Everbook Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments, Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball State University in Indiana. Completed between 1984 and 1992, the properties feature two- and three-bedroom units. All residents have use of the amenities at Silver Tree, which include a fitness center, basketball court, volleyball court, swimming pool, outdoor grilling areas and computer lab.
The HFF investment sales team representing the seller was led by managing director Brian Kelly.
HFF’s debt placement team was led by associate director Ken Martin.
“The Ball State Portfolio offered investors an opportunity to achieve immediate scale and operational efficiencies in a strong Midwest university market,” said Martin.
Klingbeil Capital Management, Ltd. (KCM) is a multi-faceted national real estate company with holdings throughout the United States.
Peak Property Group, LLC is a fully integrated, self-managed private company with expertise in the acquisition, development, investment and property management of student housing and multi-family properties.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF, together with its affiliate HFFS, offers clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.