Insights > Deals
Michaels buys 540‑bed student community near Virginia Commonwealth University
20 October 2026 | Asset acquisition | US | 540 beds | Operational
The acquisition adds an established downtown residence within walking distance of VCU, with Michaels Management taking on operations.
Key details
Asset type | Operational |
Location | Richmond, US |
Capacity | 540 beds |
Buyer | The Michaels Organization |
Seller | Undisclosed |
Operator | Michaels Management |
Value | Undisclosed |
The Michaels Organization has completed its acquisition of 8 1/2 Canal Street in Richmond, a student housing community near VCU's Monroe Park campus comprising 160 apartments and 540 beds. The property will be operated by Michaels Management as part of the group's student‑living business.
Strategic context
Michaels' purchase follows its March 2026 acquisition of the 608‑bed Villas on Rensch near the University at Buffalo, alongside Capital Solutions and GRJ. The Richmond acquisition further expands the group's investment in established student housing communities near major universities, with Michaels Management overseeing operations.
By combining property ownership with in‑house management, the group can directly oversee leasing and resident services, both of which play an important role in generating stable cash flow.
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