Texas Buyer Closes on Student Housing Property Near University of Michigan

HOUSTON, Jan. 7, 2011 /PRNewswire/ -- Sterling University Housing, the student housing division of The Dinerstein Companies, announced today the purchase of 4Eleven Lofts a 96-unit, 342-bed student housing community in Ann Arbor, Michigan. In escrow for approximately 60 days, 4Eleven Lofts was 100% occupied at closing. Holliday Fenoglio Fowler represented the parties in the transaction and the property was purchased for an undisclosed amount.

Built in 2009, 4Eleven Lofts is a premier student living community featuring furnished lofts with 10-ft ceilings, flat panel HDTV, modern kitchens, and single or shared bedrooms. Just two blocks from U-M Central Campus and in the heart of downtown, this 10-story high-rise community is an exceptional addition to the Sterling University Housing portfolio. The rebrand of the community will be Sterling 4Eleven Lofts which will maintain the original integrity of the building while introducing the more established, successful Sterling brand.

About The Dinerstein Companies

The Dinerstein Companies was established in 1955, a Houston-based, family owned and operated company that has built and operated apartment communities in twenty-seven different states. The company currently employs in excess of 400 employees.

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SOURCE The Dinerstein Companies