Doran Companies has sold four University-area student apartment complexes.
Residents in Dinkydome, Sydney Hall, the Edge on Oak and 412 Lofts received an email Monday night notifying them of their apartments’ new ownership under University Communities, a Denver-based company that focuses on purchasing and managing student housing.
Terms of the sale, including the purchase’s value, have not been disclosed but will become public later today, said vice president of marketing for Doran Companies John Wodele.
“The market is ripe for these kinds of properties,” Wodele said. “When you have an opportunity you have to look at it.”
Doran put his portfolio of six University-area developments up for sale in June.
University Communities wasn’t interested in buying Doran’s other student housing complexes in the area, The Knoll and The Bridges, Wodele said.
The four buildings will be combined under one brand, East Bank Communities, according to the email sent to residents.