408 Fairview St
Houghton, MI 49931
The Elements · Multifamily Property For Sale · 217 Units

***Do not approach tenants or staff***
Bid Deadline May 7th at 4pm EST
Hull Multifamily Advisors is pleased to present the exclusive offering of The Elements Apartments, a premier student housing community located in Houghton, Michigan. Constructed in three phases between 2015 and 2024, this 428-bed asset is situated less than one block from Michigan Technological University, offering unmatched proximity to campus. The property consists of three buildings (E1, E2, and E3) and features a diverse unit mix of studio, one-, two-, three-, and four-bedroom floor plans designed to accommodate a wide range of student housing preferences. The asset is structured with tenant-paid electric (in Buildings E2 and E3 only), while ownership currently covers water and gas. Residents benefit from a strong amenity package, including in-unit washers and dryers, a 24-hour fitness center, fully furnished units in E1, heated garages, and an on-site convenience store that enhances both resident experience and ancillary income.

While current ownership has developed and maintained the property to an exceptional standard, it is currently operating at 74% occupancy, presenting a compelling lease-up and value-add opportunity. This temporary softness is primarily due to the recent completion of Building E1 (95 units) in 2024, along with additional housing delivered by Michigan Technological University at the same time, as the market works to absorb new supply. Prior to E1’s delivery, the asset consistently achieved near 100% occupancy since 2015, demonstrating strong and proven demand. Looking ahead, Michigan Tech has increased enrollment over the past two years and is expected to welcome the largest incoming class in its history in Fall 2026, which should drive renewed leasing velocity. With no known student housing developments currently underway in the immediate market (costar.com), future supply remains limited, positioning the property for stabilization, improved cash flow, and meaningful value creation.

Additionally, current ownership is offering an attractive seller financing option, including 20% down, 4.75% interest, 30-year amortization, and a 5-year balloon (subject to final terms), providing investors with favorable leverage and enhanced return potential. Please contact Hull Multifamily Advisors for additional details before this newly constructed, value-add trophy asset is gone.