The Depot student housing community near The University of Akron sold for $20.4 million

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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,” said Sean Baird, Managing Director of Student Housing, Colliers. “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.”

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,” Jonathan Holt, Managing Director of Student Housing, Colliers. “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.”

Monarch Investment & Management Group is the 13th largest multifamily owner in the country and manages 70,327 apartment units in 20 states.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $65 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors, and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.