Institutional Property Advisors Lists 924-Bed Raintree Commons Student Housing Asset for Sale in Provo

PROVO, Utah — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has exclusively listed Raintree Commons, a 924-bed, 152-unit student housing asset located near Brigham Young University in Provo, Utah, for sale through an open bid process, the firm announced March 2, 2026.

The property, situated at 1849 N Freedom Blvd, is positioned less than a mile from the BYU campus and represents one of the larger institutional-scale student housing assets in a market that brokers describe as supply-constrained.

Property Overview and Recent Renovations

Completed in 1978 and renovated in 2022, Raintree Commons comprises 13 buildings with a total of 152 units averaging 750 square feet each. All units feature three-bedroom, two-bathroom floor plans with private bedrooms and shared living areas. Community amenities include a swimming pool and spa, volleyball court, clubhouse, and gym. Individual units are equipped with desks, dishwashers, and laundry facilities.

"The property has received meaningful exterior and common area improvements that contribute to its overall quality and long-term durability," said Danny Shin, IPA senior managing director investments.

The 2022 renovation scope, according to market research, included unit interior upgrades — new appliances, cabinetry, lighting, flooring, and furniture — alongside common area enhancements such as a clubhouse refresh and a conversion of office space to fitness facilities. The property has reported 100% occupancy, reflecting sustained demand from the BYU student population.

Market Positioning and Demand Drivers

"Located less than a mile from the BYU campus, Raintree Commons benefits from sustained demand driven by one of the nation's largest private universities," said Brock Zylstra, IPA senior managing director investments.

Provo's student housing market draws demand from multiple institutions beyond BYU, including Rocky Mountain University, Noorda College of Osteopathic Medicine, and Utah Valley University in nearby Orem. The property's scale — 924 beds across 152 units — is notable in a market where institutional-grade supply remains limited.

"The asset's scale and limited competitive supply will provide an incoming investor with stable performance potential in one of the most supply-constrained student housing markets in the country," said Peter Katz, IPA executive managing director investments.

The property is also proximate to retail, dining, and entertainment at The Shops at Riverwoods, Parkway Plaza, River's Edge, and University Place, as well as Lake Pointe Shopping Center and Riverside Plaza. Provo Airport is accessible within a short drive.

Brokerage Team and Transaction Structure

The offering is structured as an open bid process, targeting institutional buyers. Shin, Zylstra, and Katz are representing the seller, in association with Adam Lewis, Marcus & Millichap's broker of record in Utah. No sale price, cap rate, or financing terms were disclosed.

IPA, which focuses on institutional property transactions within the Marcus & Millichap platform, combines investment sales and capital markets capabilities with research and technology resources. The firm's involvement signals the listing is being positioned for institutional capital, consistent with the asset's scale and the open bid format.

Student Housing Market Context

The listing arrives as student housing continues to attract institutional investor attention nationally, with supply constraints in university-adjacent markets driving interest in stabilized, large-scale assets. Raintree Commons' combination of post-renovation quality, bed count, and proximity to a major university enrollment base positions it within a segment of the retail real estate and commercial real estate financing landscape that has seen sustained capital interest.

The March 2026 timing follows the completion of Raintree's 2022 renovation cycle, allowing the asset to be marketed with stabilized post-upgrade performance metrics. The open bid process is expected to draw competitive interest from institutional buyers seeking exposure to supply-constrained student housing markets ahead of the upcoming academic leasing season.