Student Housing Portfolio (Lehigh Univ)
217 E. Morton Street Bethlehem, PA 18015
- Price$ 3,500,000
- Property TypeStudent Housing
- NeighborhoodLehigh Univ Area
- Number of Units-
- Lot Size0.53 acres
- Price/Bedroom$ 83,333
- Year Built-
- Properties within 1-Mile Radius of One Another and Walking Distance of Lehigh University’s Campus
- Desirable Student Housing Unit Mix with Five-Bedroom and Four-Bedroom Properties
- New Electrical, Plumbing, HVAC, Roof, Windows and Water Heaters in 7 of 9 Properties
- 8 of 9 Properties 100% Occupied
- Significant Barriers to Entry in a High-Demand Market
- High-Quality Finishes including Hardwood Floors, Quartz Countertops and Porcelain Tile in Bathrooms
- Fully-Furnished Bedrooms with Full-Size Bed, Desk, Dresser, Nightstand, and Closet/Wardrobe
- Stylishly-Furnished Common Area with Smart TV in Living Room, Ample Dining Area, and Study Space
- Full-Size Washer/Dryer, Outdoor Space (Porch/Patio/Yard), and Keyless Access (Entrance and Bedroom)
- Convenient Access to Major Arteries including Interstate-78 and Route 22 (Lehigh Valley Thruway)
- Close Proximity to St. Luke’s Hospital, SteelStacks and Sands Casino Resort
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in the Student Housing Portfolio at Lehigh University. The portfolio includes nine distinctive properties with a total of 42 bedrooms. The deciding factors for students seeking off-campus housing are proximity to campus and housing amenities including quality finishes, common areas, and security. The properties are all situated within a one-mile radius of one another and within walking distance of Lehigh University, making this a unique opportunity to acquire a sizable portfolio in the most desirable off-campus student housing locations.
Most of the properties have a five-bedroom/two-bath layout except 316-318 E. Morton and 326 East 4th Street that have a four-bedroom layout. Within the past year, current ownership has renovated 7 of the 9 properties with all new electrical, plumbing, HVAC, roofs, windows and water heaters. In addition, each property now includes a fully-furnished study lounge. For security purposes, both a four-camera system and a SimpiSafe alarm system has been installed. Properties feature furnished living rooms, bedrooms and modern kitchens with hardwood floors, quartz countertops, full-size washer/dryer and individually controlled heat and air conditioning. Further, select properties have off-street parking/garages as well as front porch, patio or rear yard.
Situated on the South Side of Bethlehem, the geography poses significant barriers to entry for any new development. As such, there has been limited construction of off-campus student housing. In fact, no new off-campus student housing projects have been delivered within the Lehigh market over the last 10 years. The bulk of off-campus housing options is existing row homes that have been converted to rental properties. Currently, 8 of the 9 properties are 100% occupied (with the property at 326 East 4th Street at 75% occupancy) which demonstrates the demand in this area.
The University requires all first and second-year undergraduate students live on campus while third, fourth and fifth-year undergraduate and graduate students are not guaranteed on-campus student housing. The lack of on-campus housing necessitates that students move to quality off-campus student rentals. The University has projected that in the Fall of 2019, Lehigh’s first-year class will expand by 125 students. The Path to Prominence, a plan to expand and upgrade Lehigh’s campus, will allow the number of first-year students to increase by 1,000 over a period of seven years in addition to new construction projects including the new College of Health.
The Portfolio at Lehigh University presents an irrefutable opportunity for an investor to acquire a quality student housing that sees perpetual rental demand, limited supply and significant barriers to entry.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1014
Cell: (646) 712-7360
License: PA RSR001990
View Larger Map