RRA/GREA AND TRIAD TEAM UP TO SELL CLASS-A STUDENT HOUSING ASSET AT MISSOURI STATE UNIVERSITY TOTALING $25,700,000
PHILADELPHIA, PA–(6/30/22) – Rittenhouse Realty Advisors, a member of GREA and Triad Real Estate Partners are pleased to announce the sale of The Vue on Walnut, a student housing property located at 430 E. Walnut Street in downtown Springfield, MO, within walking distance to Missouri State University.
Built in 2019 by Cornerstone Development out of St. Louis, MO, the property has an excellent unit mix of one, two, three and four bedroom units, all with bed/bath parity. Tenant amenities include a pet spa, swimming pool, fitness center, business center, and game room, among others. Units are offered with luxury finishes, balconies or patios, and in-unit laundry.
Sean Lyons, founding partner of Triad, stated: “Teaming up with RRA/GREA on this transaction proved to be a very successful strategic approach to expose this asset to a very wide and diverse buyer pool. This resulted in a competitive bidding process that provided the seller with multiple options in our final selection process.”
Missouri State University has an enrollment of over 24,000 students and has seen a 5% increase in enrollments since 2015. Douglas Sitt, Co-Head of Student Housing at RRA/GREA stated: “The student housing market at Missouri State University is well positioned to perform extremely well, as there are no purpose built student housing projects in the development pipeline, while pre-leasing velocity and growth is significantly outpacing last years leasing activity.”
“We were able to execute on the sale during a challenging debt market environment. Working with Triad, a great Midwest broker team, and utilizing the RRA/GREA platform brought in buyers from all over the country. We ended up closing with a market leader in the student housing industry,” added Ken Wellar, Managing Partner at RRA/GREA.