A joint venture between Alex. Brown Realty and Asset Campus Housing have announced the acquisition of The Fields, a student housing project near the main campus of Indiana University in Bloomington, Indiana. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner. Amenities include a resort-style and lap pool, two 24-hour fitness centers, a business and media center. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal. The $11.7 million purchase was funded by a first mortgage loan from Texas Capital Bank, N.A.
“The Bloomington student housing market continues to be a strong performer,” stated Stephen Mitchell, EVP with Asset Campus Housing, noting the University’s steady enrollment growth and barriers to new supply in the market. “We believe The Fields will continue to benefit from its conversion to a student housing community,” added Mitchell. At closing, The Fields was 98 percent leased for the 2016-2017 school year.
