Monarch Investment and Management Group buys 624-bed property
Monarch Investment and Management Group has purchased a student housing community near the University of Akron called The Depot for $20.4 million. The 624-bed community is located two blocks from campus at 80 E. Exchange Street.
Sean Baird, Managing Director of Student Housing, and Jonathan Holt, Managing Director of Student Housing, of Colliers facilitated the transaction. The seller was Rialto Capital Advisors.
The Depot is one of only two student housing communities serving students at The University of Akron. University Edge, located at 393 Sumner Street, adds an additional 574 beds to the market.
“Over the last two years, three of the five dedicated student housing communities in Akron have been sold and converted to market-rate apartments. Multifamily investors have recognized the strong post-COVID resurgence in downtown Akron and are looking to take advantage of these assets. As the student housing supply has diminished, occupancy rates are improving at The Depot creating a favourable tailwind for the buyers.”
- Sean Baird, Managing Director of Student Housing, Colliers
The Depot will remain a dedicated student housing community. The community offers one-, two-, three-, and four-bedroom fully furnished apartments with private bedrooms and bathrooms. Amenities include a resort-style pool, 24-hour fitness center, private study rooms and computer lounge and heated courtyard.
The property was sold at auction as a lender-owned asset. Colliers received nearly 400 executed confidentiality agreements with eight registered bidders.
“Since interest rates began rising in early 2021 the sales market has been very volatile. Many transactions are experiencing price adjustments after a deal has been signed. Utilizing the auction platform allowed us to provide certainty of close without a re-trade for our client and create a near seamless closing experience despite the market’s volatility."
- Jonathan Holt, Managing Director of Student Housing, Colliers
Monarch Investment & Management Group is the 13th largest multifamily owner in the country and manages 70,327 apartment units in 20 states.