Pierce Education Properties today announces the purchase of South Duff Community Park - a premier off-campus student housing community serving Iowa State University (ISU) students - for $21 million. Debt financing of $11.4 million was provided by KeyBank Real Estate Capital.
South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the ISU campus in Ames, IA. This state-of-the-art, garden-style, brick-accented community features stylish and spacious studio, one, two, three, four, and five bedroom units, each with bed-to-bath parity, full-size appliances including washer and dryer in every unit, balconies, and beautiful open green space with an adjoining 10-acre pet park. Beginning this fall, PEP will add large, flat screen TVs and designer furniture packages in every unit. Also, PEP will introduce property-operated shuttle service to and from campus. Community amenities include enclosed garage stalls, 240hour state-of-the-art fitness center, outdoor basketball courts, free tanning salon, and high speed internet.
Iowa State University is part of the BIG 12 Conference and recently the men's basketball team has the spotlight as the 2014-15 BIG 12 Tournament Champions and a Top 5 national ranking. Not only does ISU have outstanding athletic programs, it is also recognized for being one of the most affordable colleges and one of the first three land-grant university in the country. ISU enrolls over 34,400 students and continues to burst at the seams with a 23% enrollment growth over the past 5 years.