LaSalle Investment Management 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 property was acquired on behalf of LaSalle Value Partners IX, in partnership with King Bridge Partners and Clear Rock Capital.
Completed between 2017 and 2021, Red Cedar Flats serves the growing student population at Michigan State University. The transaction marks the first investment in the student housing sector for LaSalle Value Partners IX and reflects the fund’s strategy of pursuing value-add opportunities across attractive real estate segments.
The acquisition expands the fund’s exposure to the living sector and complements existing investments across industrial, residential, and healthcare properties. According to LaSalle, strong enrollment trends at Michigan State University and constrained housing supply support long-term demand for the asset.
LaSalle said the property was acquired below replacement cost and already generates in-place cash flow, creating the potential for attractive risk-adjusted returns. The company also noted that it continues to identify additional opportunities in the student housing market that offer favorable downside protection and align with its value-add investment strategy.
University Partners, a leading student housing operator, will provide property management and co-asset management services.
About LaSalle Investment Management
LaSalle Investment Management, a subsidiary of JLL, is a global real estate investment manager overseeing approximately $86.9 billion in assets across private and public real estate equity and debt investments as of the fourth quarter of 2025. The firm’s clients include pension funds, insurance companies, governments, corporations, endowments, and private investors around the world.
KEY QUOTES:
“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. 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.”
Jeff Shuster, President of LaSalle Value Partners
“This acquisition reflects the broader team’s ability to source differentiated investments through targeted relationships that offer compelling returns relative to the risk profile. We continue to see interesting opportunities in the student housing sector that align with our value-add strategy and offer measurable downside protection.”
Joseph Paskov, Senior Vice President of LaSalle Value Partners
