Bloomington student housing property to get facelift
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A nearly 800-bed student housing property near the Indiana University campus is set to undergo a major upgrade. Atlanta, Georgia-based Campus Realty Advisors is investing $36 million to acquire and renovate The Monroe with enhancements to building exteriors and unit interiors.
The real estate company completed the acquisition of the property at 1150 S Clarizz Boulevard in April, and renovations are underway.
The upgrades to the apartment units include new wood-plank flooring, lighting fixtures, plumbing fixtures, appliances, furniture package, and refinished countertops and cabinets.
Campus Realty Advisors also plans to fully renovate the property’s clubhouse and leasing office with new study rooms, community gathering spaces, 24-hour package lockers and a cyber lounge.
Plans also call for the construction of a new, 24-hour fitness center building, along with two new pickleball courts.
Campus Realty Advisors Principal Randy Herron says the property has received limited improvements since it was built, and the renovation will allow residents to pay a value rent for an upgraded experience.
“Bloomington is one of the strongest student housing markets in the country, and The Monroe has long been a solid student community in the market,” Herron said in a statement to IIB. “We’ve been very selective in finding the right property to fit the Campus Realty approach which is to provide upgraded student living at a value price. The Monroe fits squarely into that plan and will offer a great living option to help students excel in their education at IU.”
Herron said the unit interior and building exterior renovations will be complete by move-in day in August. Some of the extra amenities are also expected to be complete by that point with others soon after.