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Oregon student-housing asset sells for $59m
Ducks Village, a 230-unit, 650-bed student housing asset in Eugene, Ore., has sold, according to a release by Marcus & Millichap, which had the exclusive listing to market the property on behalf of the undisclosed seller, a limited liability company, and procured the undisclosed buyer.
The sales price was not disclosed, but estimated to be $59 million.
Other media outlets reported that the seller was Topanga Management Co. and the new owner Kingsbarn Realty Capital.
“This is a well-timed investment,” said Joel Dumes, a senior managing director investments in Marcus & Millichap’s Cincinnati office. “The University of Oregon welcomed its largest-ever freshman class in 2021. Additionally, apartment rents in Eugene have increased by over 56 percent in the past decade and the city has seen year-over-year rent growth of 9.6 percent.”
Said Patrick Mullowney on the Marcus & Millichap team, “The purchase gives our buyer the opportunity to c