APARTMENT Amenities
State-of-the-Art 24-Hour Fitness Center
24-Hour Clubroom with Lounge, Study, & Billiards Areas
On-Demand Printing
Private Study Rooms
24-Hour Free Caffeinated Bevi Machine
Covered Parking
Patio, Fire Pit, and Grill Deck with adjacent Dog Park
Ample Bicycle Parking
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Modern Kitchens with Stainless Steel Appliances
9’ Ceilings
Private Balconies/Patios
24-Hour Award Winning Property Management
Individual Leases
Roommate Matching
Blazing Fast Wifi and Cable
Pet Friendly
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Community Amenities
PROPERTY INFORMATION
LOCATION
PHOTO GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Brandon Buell
Senior Managing Director – Student Housing
346.444.8982 | brandon.buell@berkadia.com
Kevin Larimer
Senior Managing Director - Student Housing
248.341.3305 | kevin.larimer@berkadia.com
BERKADIA STUDENT HOUSING TEAM
CONTACT Info
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Detroit Office
2229 San Felipe Street, Ste 1600
Houston, TX 77019
Phone: 713.974.1300
Houston Office
125 South Wacker Drive
Suite 400
Chicago, IL 60606
Phone: 312.845.8500
Chicago Office
Kevin Dillon
Senior Managing Director - Detroit
248.341.3309 | kevin.dillon@berkadia.com
Steve Skok
Managing Director
312.845.5164 | steve.skok@berkadia.com
Mortgage Bankers
Aaron Moll
Director
248.208.0529 | aaron.moll@berkadia.com
Peter Benedetto
Senior Managing Director
248.208.3462 | peter.benedetto@berkadia.com
The Rocks is a rare asset that provides some of the largest and highest quality units in the market at a reasonable price. Proven by its history of always high occupancy, The Rocks appeals to a wide segment of the Michigan State student population that wants quality living that is more accessible than the high rents of the purpose-built assets along Michigan and Grand River Avenues.
Offered at a basis dramatically below replacement cost, a new owner will always be well positioned to be able to offer the highest
quality units at attractive rents that are amongst the lowest on a per square foot basis.
The Rocks is being offered at a very attractive going in yield that provides an above market year-one cash-on-cash return that is difficult for investors to achieve in current capital market conditions.
The prestigious research-intensive university received a record of 55,525 first-time undergraduate applications last year; a 9.7% year over year increase. With over 50,000 students, Michigan State is the 8th largest campus in the U.S. With only 18,000 on-campus beds, nearly 32,000 students require off-campus housing.
Michigan State’s campus is one of the largest in the country at 5,200 contiguous acres. The overall size of campus and limited on-campus parking has made students accustomed to relying on the university and Lansing/East Lansing bus system. The need to utilize public transportation by MSU students to traverse the 5,200-acre campus expands the geographic trade area for off-campus student housing.
THE OPPORTUNITY
In the fall of 2022, Michigan State University welcomed 50,023 students to its campus. Of the total MSU student body at the start of the 2022 academic year, 39,201 were undergraduate students and 10,822 were seeking graduate or professional degrees. The university recruits students from around the globe, with its current student body representing more than 120 countries other than the U.S.
A record 55,525 first-time undergraduate students applied at MSU for the fall 2022 semester, equating to an 9.7% annual increase. Among those first-time undergraduate students who were admitted to the university, a record 9,676 enrolled at MSU. Including transfer students, the total entering undergraduate class at MSU amounted to 11,054 students in fall 2022.
University on-campus housing can only accommodate 36% of the student population, leaving 31,820 students requiring off-campus housing. With an additional 8,300 faculty and staff at the university, and Lansing being the capital of the State of Michigan, demand for rental housing exceeds supply.
University Overview
Visit Doc Center
16970 Chandler Rd, East Lansing, MI
Michigan State University
1,439
Avg SQ FT
$1.43
Rent / SF
99.73%
OCCUPANCY
Opportunity
Property Info
Location
Photo Gallery
Contact
Doc Center
Privacy
Terms of Use
2015
BUILT
376
BEDS
119
UNITS
APARTMENT Amenities
State-of-the-Art 24-Hour Fitness Center
24-Hour Clubroom with Lounge, Study, & Billiards Areas
On-Demand Printing
Private Study Rooms
24-Hour Free Caffeinated Bevi Machine
Covered Parking
Patio, Fire Pit, and Grill Deck with adjacent Dog Park
Ample Bicycle Parking
•
•
•
•
•
•
•
•
Modern Kitchens with Stainless Steel Appliances
9’ Ceilings
Private Balconies/Patios
24-Hour Award Winning Property Management
Individual Leases
Roommate Matching
Blazing Fast Wifi and Cable
Pet Friendly
•
•
•
•
•
•
•
•
Community Amenities
PROPERTY INFORMATION
• Largest, highest quality, reasonably priced units in the market
• Appeals to a wide segment of the Michigan State student population
• Offered at a basis dramatically below replacement cost
• Year-one cash-on-cash return that is difficult to achieve in current capital market
• Michigan State University boasts over 50,000 students & the 8th largest campus in the U.S.
• Limited on-campus parking has made students accustomed to utilizing public transportation
THE OPPORTUNITY
Location
Property Info
Opportunity
DOC CENTER
Terms of Use
Privacy
Photo Gallery
Contact
•
•
•
•
•
The Rocks is the rare asset that provides some of the largest and highest quality units in the market at a reasonable price. Proven by its history of always high occupancy, The Rocks appeals to a wide segment of the Michigan State student population that wants quality living that is more accessible than the high rents of the purpose-built assets along Michigan and Grand River Avenues.
Offered at a basis dramatically below replacement cost, a new owner will always be well positioned to be able to offer the highest
quality units at an affordable rent.
The Rocks is being offered at a very attractive going in yield that provides an above market year-one cash-on-cash return that is difficult for investors to achieve in current capital market conditions.
The prestigious research-intensive university received a record of 55,525 first-time undergraduate applications last year; a 9.7% year over year increase. With over 50,000 students, Michigan State is the 8th largest campus in the U.S. With only 18,000 on-campus beds, nearly 32,000 students require off-campus housing.
Michigan State’s campus is one of the largest in the country at 5,200 contiguous acres. The overall size of campus and limited on-campus parking has made students accustomed to relying on the university and Lansing/East Lansing bus system. The need to utilize public transportation by MSU students to traverse the 5,200-acre campus expands the geographic trade area for off-campus student housing.
The Rocks is the rare asset that provides some of the largest and highest quality units in the market at a reasonable price. Proven by its history of always high occupancy, The Rocks appeals to a wide segment of the Michigan State student population that wants quality living that is more accessible than the high rents of the purpose-built assets along Michigan and Grand River Avenues.
Offered at a basis dramatically below replacement cost, a new owner will always be well positioned to be able to offer the highest
quality units at an affordable rent.
The Rocks is being offered at a very attractive going in yield that provides an above market year-one cash-on-cash return that is difficult for investors to achieve in current capital market conditions.
The prestigious research-intensive university received a record of 55,525 first-time undergraduate applications last year; a 9.7% year over year increase. With over 50,000 students, Michigan State is the 8th largest campus in the U.S. With only 18,000 on-campus beds, nearly 32,000 students require off-campus housing.
Michigan State’s campus is one of the largest in the country at 5,200 contiguous acres. The overall size of campus and limited on-campus parking has made students accustomed to relying on the university and Lansing/East Lansing bus system. The need to utilize public transportation by MSU students to traverse the 5,200-acre campus expands the geographic trade area for off-campus student housing.
Jason Krug
Senior Managing Director - Detroit
248.341.3344 | jason.krug@berkadia.com
