Thursday, May 5, 2011

Marcus & Millichap Lists $21.9 Million Student Housing Asset in Resburg, Idaho

REXBURG, ID– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Northgate and Southgate Apartments (top left photo), which combined include 102 units of student housing property in Rexburg, Idaho. The listing price is $21.9 million.

Daniel Shin, a senior associate in the firm’s Salt Lake City office is representing the seller.

 “These are two premier off-campus communities,” says Shin. “Northgate Apartments and Southgate Apartments were designed and built to provide students with the best living experience possible. Both properties are 100 percent rented for spring 2011,” adds Shin.

The 147,900-square foot apartment properties are located at 350 West 6th South in Rexburg, two blocks from Brigham Young University-Idaho (BYU-I) (lower right photo).

Northgate Apartments is a BYU-I-approved women’s community that houses 324 women. Southgate Apartments is an approved BYU-I men’s community that houses 288 men. Together, the communities consist of 612 student beds. The apartments were completed in two phases in 2010.

Each unit at Northgate and Southgate Apartments is comprised of three bedrooms and three bathrooms. All units have nine-foot ceilings, flat-screen television, a full-size washer and dryer and two refrigerators. Students also receive the use of fiber optic Internet, the fastest Internet service available on campus.

Approximately 14,000 students attend the university and all BYU-Idaho students live by a code of honor that includes abstaining from alcohol and tobacco.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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