The Madison Ames student housing community near Iowa State University sold

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PEP Investment Operations, a division of Pierce Education Properties, has purchased the student housing community The Madison Ames, located at 4912 Mortensen Road in Ames, Iowa, for an undisclosed price. The 144-unit, 540-bed property is located less than 1.5 miles from Iowa State University.

Sean Baird, Director of Student Housing Services, and Jonathan Holt, Director of Student Housing Investments, of Colliers facilitated the transaction. The seller was Rialto.

“Iowa State University is a Power 5 university with over 30,000 students enrolled, which makes it one of the more desired universities in the country for student housing investors,” said Sean Baird, Director of Student Housing Services, Colliers. “Pierce Education Properties is very familiar with the market, having previously owned one of the direct market competitors. Acquiring The Madison Ames fits in very well with their value-add strategy.”

The Madison Ames was built as a Class A property in 2001. Since 2020, the seller has invested nearly $1 million in capital improvements for the property, including replastering the pool, resurfacing the pool deck, replacing older A/C units and kitchen appliances, and upgrading sidewalks and parking lots.

Community amenities include a 24-hour fitness center, sand volleyball court, dog park, lighted basketball courts, business center and picnic area with barbecue grills.

PEP Investment Operations is a division of Pierce Education Properties, one of the nation’s largest investors, developers and managers of student apartment communities.

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.