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Iowa State University Growth Leads to New Investors


South Meadow Co-Op (backed by Daniel Joseph, Hagan Brown and David Raisner) purchased the 182-unit South Meadow Apartments on the campus of Iowa State University in Ames for $6.4M. ISU has an enrollment of nearly 30,000 and is considered a prime market for national and regional student housing among multifamily investors, says Hunt Mortgage Group VP Josh Messier. Hunt provided the seven-year Fannie Mae loan that will amortize over 30 years to the borrowers. Josh says enrollment has increased significantly in recent years. South Meadow Apartments is 100% occupied and has been for three consecutive semesters. The property is also fully pre-leased for the 2015-2016 school year, he tells us.