Monument Square Investment Group and Eastborough Partners Joint Venture Acquires The Rocks, a 376-bed Student Housing Community Serving Michigan State University

A partnership between affiliate of Monument Square Investment Group (“MSIG”) and a fund managed by Eastborough Partners (collectively the “JV”) has acquired The Rocks (the “Property”). The Property is a 2015-vintage, 376-bed garden-style student housing community located approximately 2.5 miles north of the Michigan State University (“MSU”) campus, which is directly accessible through the CATA shuttle system. The property offers a mix of one-, two-, three-, and four-bedroom layouts and are amongst the largest floorplans in the market, with an average unit size of 1,440 rentable SF. The Property’s amenities include a 24-hour clubhouse with private study rooms, entertainment space, and a fitness center, a large patio with grilling stations and fire pits, and direct connectivity to the 6.6-mile Northern Tier Trail. The JV intends to implement additional improvements across the Property including modernizing the clubhouse and curing deferred maintenance. As of the JV’s acquisition, the Property was 99.2% occupied for the 2025-2026 academic year (“AY”) with strong pre-leasing velocity for the 2026-2027 AY. With high barriers to entry and a lack of new student housing supply, MSU has been one of the tightest student housing markets in the U.S., with market-wide occupancy of approximately 95.2% as of April 2026 and a trailing-ten-year low of 92.3%, ranking third best amongst Power Four conference schools.