A 116-bed purpose built student accommodation development in Dundee has changed hands for £9.5 million.
Maven Capital Partners purchased the Courthouse Apartments in April 2015 and rebranded them as the Marketgait Apartments after a £5m refurbishment.
The work was completed in time for the start of the 2016/17 academic year.
The city centre property — which boasts 94 studio apartments and 22 ensuite bedrooms and a residents’ common room — has been sold to 90 North Real Estate Partners LLP.
Maven said the deal has seen its investors double their money in little over three years.
The property and equity manager’s investment director Colin Anderson said: “The sale is another excellent return for our investors and once again demonstrates Maven’s expertise in the UK purpose built student accommodation sector.
“In conjunction with our operating partner, Collegiate AC, we saw the opportunity to create a high quality, stylish studio product that did not previously exist in the Dundee market, which is evidenced by the consistently high occupancy levels achieved to date.
“By identifying the right assets and delivering what students want for an affordable rent, the sector continues to offer excellent opportunities for institutional and overseas investors.”
The property, which is well placed for Dundee and Abertay universities, had 100% occupancy last year and is fully let again for the 2018/19 student year.
“Scotland in particular continues to be a strong market for Maven where we have developed and recently exited from similar assets in Glasgow and Edinburgh,” Mr Anderson added.
“We are grateful to all the firms who supported us on the project and in particular The Royal Bank of Scotland, which provided the senior debt, main contractor Morris & Spottiswood, and Workman as project manager.”
The student accommodation was originally built in 2007.