Spinner Place
Winooski, Vermont

During October 2023, Property Income Advisors, Inc. advised a client on the $27.2 million purchase of Spinner Place, an 83 unit/308 bed student housing community with ground floor retail, serving the University of Vermont. A new mortgage loan in the amount of $17.68 million was obtained as part of the transaction.

Constructed in 2005 and 99% occupied, Spinner Place is well-located in downtown Winooski with direct access to the University. It is one of only three purpose-built student housing properties in the undersupplied housing market. And it is the only student housing property in the market with direct access to/from an enclosed parking garage. Property amenities include fully furnished units, a media room, a fitness center, a recreation room and ground floor retail.

Vermont’s multi-family vacancy rate was recently ranked as the second lowest in the nation. The Burlington metropolitan area is highly constrained which will insure positive long-term supply-demand fundamentals for Spinner Place.

Two existing ground leases were collapsed at the time of the acquisition allowing the client to take fee simple title to the asset. In addition, the PILOT program was successfully extended and significant economic concessions were obtained from the entity that master leases the retail portion of the property.

This acquisition will provide the client with above average current income and strong capital appreciation over the holding period.

Responsibilities: Acquisition, Financing and Asset Management