Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Northpoint, a 154-unit, 1,024-bed student housing property located in Rexburg, Idaho.
“Northpoint is one of the country’s premier student housing assets,” says Brock Zylstra, vice president investments in Marcus & Millichap’s Salt Lake City office. “The property’s amenity package and proximity to the Brigham Young University-Idaho (BYU-Idaho) campus separate it from the surrounding student housing competition. BYU-Idaho’s solid fundamentals and projected enrollment growth attract many out-of-state investors to the Rexburg market.”
Zylstra and Danny Shin, senior vice president investments, represented the seller, the original developer of the property, and procured the buyer, a seasoned student housing owner from Southern California. Colton Smith, first vice president capital markets with MMCC, arranged 10-year financing with five years of interest only.
Built in 2014 on three acres, Northpoint is a BYU-Idaho-approved student housing community that features 104 three-bedroom units, 50 four-bedroom apartments and 2,677 square feet of street-level retail space with tenants that include Papa John’s Pizza, Café Rio, The Cocoa Bean, and Port of Subs.
Paul Ryan, senior associate in Marcus & Millichap’s Boise office, is the firm’s broker of record in Idaho.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.