Marcus & Millichap arranges sale of $5.5M student housing complex in Idaho

REXBURG, Idaho – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 63-unit Mountain Pines Apartments, a 378-bed, 69,300-square foot student housing complex in Rexburg. The sales price of $5.5 million represents $87,302 per unit and $79 per square foot.
 
Daniel Shin and Michael Beckstead, student housing investment specialists in the firm’s Salt Lake City office, represented the buyer, a Utah-based private investor.
 
“Ideally located at the west entrance to Brigham Young University (BYU)-Idaho, the property has an excellent reputation among students,” comments Shin.
 
Located at 129 Viking Drive in Rexburg, the asset is across the street from the BYU- Idaho campus.
 
Mountain Pines Apartments is comprised of 63 three-bedroom/two-bath units. The units are rented to six students apiece, each with their own lease, semester by semester.