This article is from the Australian Property Journal archive
EXCLUSIVE: Shanghai-based asset management group Morning Crest Capital has scooped up a student accommodation property in Sydney’s north as investment interests in the purpose-built student accommodation market remain buoyant, Australian Property Journal can reveal.
A private family sold Dayman Apartments, a 74-bed facility in Marsfield close to Macquarie University to Morning Crest Capital in an off-market deal, for just over $24 million.
While the Australian government has capped international student numbers, student accommodation capacity continues to lag demand.
According to a JLL report last year, there will be an estimated undersupply of around 7,000 beds annually over the next five years.
The property, one of the university’s 3 non-school student apartment accommodation approved by the university, has a forecast full-year net income for 2024 of $1.6 million.
The 74 beds at the property are mainly studio apartments with some shared apartments, as well as shared common areas, shared laundry facilities, outdoor courtyards, and underground parking, on a 1723 sq m site.
Morning Crest Capital, which focuses on overseas non-Chinese investments, focuses on venture capital and real estate and fixed income investments. It has invested in leading Australian tech company Airtasker as well as the Reven Housing REIT in the US.
Colliers International’s Asia Markets national director Joseph Lin brokered the deal.