LaSalle Investment Management Announces Acquisition of 190-Unit Student Housing Community Near Michigan State University

CHICAGO — LaSalle Investment Management, the global real estate investment manager, today announced the acquisition of Red Cedar Flats, a 190-unit, 436-bed purpose-built student housing community located within walking distance of Michigan State University in East Lansing, Michigan. The acquisition was completed on behalf of LaSalle Value Partners IX (LVP IX), alongside joint venture partners Kingsbridge Investment Partners and Clear Rock Capital.

First Student Housing Investment for LaSalle Value Partners IX

The Red Cedar Flats acquisition represents LVP IX's first investment in the student housing sector, marking a strategic expansion of the fund's "living" sector portfolio. Completed in phases between 2017 and 2021, the property is positioned to serve Michigan State University's student population. LaSalle noted that the asset was acquired below replacement cost with in-place cash flow.

Jeffrey Shuster, President of LaSalle Value Partners, said the acquisition fits a specific thesis around newer, campus-adjacent assets at large universities. "Student housing is an attractive residential subsector, particularly for newer, campus-adjacent assets at large universities experiencing enrollment growth, limited new development and constrained housing options," Shuster said. "Red Cedar Flats is a well-located, high-quality asset that fits this thesis. The property was acquired below replacement cost with in-place cash flow and represents an attractive opportunity to generate strong risk-adjusted returns for our investors."

Joseph Paskov, Senior Vice President of LaSalle Value Partners, added that the deal reflects the team's ability to source differentiated investments through targeted relationships. "This acquisition reflects the broader team's ability to source differentiated investments through targeted relationships that offer compelling returns relative to the risk profile," Paskov said. "We continue to see interesting opportunities in the student housing sector that align with our value-add strategy and offer measurable downside protection."

Enrollment Growth and Supply Constraints

LaSalle cited record enrollment at Michigan State University as a key demand driver supporting the asset. The combination of enrollment growth, limited new supply, and constrained housing options forms the core of LaSalle's stated investment rationale for the property.

Red Cedar Flats, completed between 2017 and 2021, represents relatively modern student housing product. Its 436-bed, 190-unit configuration reflects a by-the-bed leasing structure common in purpose-built student housing.

LVP IX Portfolio Strategy and the 'Living' Sector

The Red Cedar Flats acquisition expands LVP IX's living sector portfolio and complements the fund's existing value-add investments across industrial, residential, and healthcare real estate.

LaSalle's partnership structure for this deal — investing alongside King Bridge Partners and Clear Rock Capital, and engaging University Partners for property management and co-asset management services — leverages niche-sector expertise for the property. University Partners, a student housing operator, will provide both property management and co-asset management services for Red Cedar Flats.

About LaSalle Investment Management

LaSalle Investment Management is a subsidiary of JLL and a globally integrated real estate investment manager. As of the fourth quarter of 2025, LaSalle manages $86.9 billion of assets in private and public real estate equity and debt investments. The firm's client base includes public and private pension funds, insurance companies, governments, corporations, endowments, and private individuals. LaSalle sponsors a range of investment vehicles, including separate accounts, open- and closed-end funds, public securities, and entity-level investments.