“There is a deep market for high-quality, well-located student housing assets at top ten universities,” commented Steiger. He added, “In this case, the market responded very favorably to the Doran Portfolio’s exceptional location, high-quality construction and ‘best-in-class’ amenities.” Steiger teamed with Cushman & Wakefield’s Byron Moger to broker the four properties.
The transaction included Sydney Hall—the trend-setting development in Dinkytown Doran named for his daughter and kicked off a run of six premier student housing projects he built at the University since 2010.
The sale also included the iconic Dinkydome, a former bible college in the heart of Dinkytown that Doran purchased, restored and converted to housing at the same time that he was building Sydney Hall. 412 Lofts, built in 2011, and also located in the Dinkytown area and Edge on Oak, built in 2012 in Stadium Village, were also included in the sale.
Doran, who retained his two newest student housing properties at the University, The Bridges and The Knoll, said the sale doesn’t mean he is done developing at the University. “As a developer you can’t fall in love with your properties because there always comes a time that is right for selling,” he said. Adding that the reason he kept The Bridges and The Knoll is because he likes being around the University and dealing with the students, “and you never know when another interesting opportunity may come around.”
University Communities will immediately take over the Doran Leasing Center located in the Dinkydome and Doran Companies will lease The Knoll and The Bridges from their leasing office in The Bridges.
|Summary of the four student housing properties sold: |
|Sydney Hall||125||2010||310 15th Avenue SE@ 4th Street|
|Dinkydome||16||2010||304 15th Avenue SE @University|
|412 Lofts||102||2011||406 12th Avenue SE|
|The Edge on Oak||65||2012||313 Oak Street SE|
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