LaSalle Investment Management, the global real estate investment manager, announced the acquisition of Red Cedar Flats, a 190-unit, 436-bed purpose-built student housing community located within walking distance to Michigan State University in East Lansing, Mich. LaSalle acquired the property on behalf of LaSalle Value Partners IX (LVP IX), alongside joint venture partners King Bridge Partners and Clear Rock Capital.
Completed in 2017-2021, Red Cedar Flats is positioned to serve Michigan State’s student population. The acquisition represents LVP IX’s first investment in the student housing sector and reflects the fund’s continued focus on identifying value-add opportunities across compelling real estate sectors.
“Student housing is an attractive residential subsector, particularly for newer, campus-adjacent assets at large universities experiencing enrollment growth, limited new development and constrained housing options,” said Jeff Shuster, president at LaS
