VanderSloot sells BYUI student apartment complex
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The following is a news release and photos from NorthPoint Apartments.
REXBURG — NorthPoint Apartments, a BYU-Idaho approved student housing complex that houses more than 1,000 students each trimester, was sold by owner Frank VanderSloot for an undisclosed amount to Rexburg Apartments LLC on May 14.
Completed in September 2014, NorthPoint Apartments is situated on three acres bordering the south side of BYU-Idaho’s campus. The 322,428-square-foot complex consists of 154 apartments located in two separate structures for men and women’s housing plus a 42,428-square-foot amenities center and a six-story parking garage.
Noticing a shortage of quality student housing for BYU-Idaho students during the university’s expansion and student boom in 2012, VanderSloot developed and managed NorthPoint Apartments through his company NG Rexburg Housing LLC.
“Developing this premier apartment complex, serving many wonderful BYU-Idaho students and working with the Rexburg community on this project has been a very rewarding experience,” VanderSloot said. “I’m confident the new owners will continue to manage this first-class apartment complex in a professional manner and in harmony with the good reputation that NorthPoint has earned with its residents over the years.”
Redstone Residential, a Utah company, has been retained as the new management company for NorthPoint. Redstone Residential manages more than 20,000 beds for clients across several states, including properties in Provo and St. George, Utah, Texas and Michigan. Redstone Residential CEO Grant Collard was attracted to this property for several reasons, including its prime location directly across from campus, quality construction, comfortable apartments, popular amenities and the wholesome standards of its residents.
Collard pledges to maintain the same high standards that VanderSloot and his team put into place for NorthPoint. NorthPoint’s general manager, Chantell Winegar, and her dedicated staff are being retained as on-site management personnel as well.
Unique among Rexburg’s student housing complexes, NorthPoint’s amenities center holds four quick-service restaurants: Cafe Rio Mexican Grill, Cocoa Bean Cupcake Cafe, Papa John’s Pizza and Port of Subs. It has a top-of-the-line fitness center with a group instruction studio; movie theatre rooms with premium audio/visual equipment and stadium seating; several game, music and study rooms; a large clubhouse and small group lounges; a courtyard with barbecue grills and more.
Brock Zylstra, a senior associate at the commercial real estate brokerage firm Marcus and Millichap, represented both the buyer and seller in this transaction. The deal’s financing was handled by Colton Smith, an associate director with the same firm.