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RRA/GREA SELLS 715 BED STUDENT HOUSING COMMUNITY NEAR SYRACUSE UNIVERSITY FOR $65,000,000

by RRA on April 6, 2022
RRA/GREA SELLS 715 BED STUDENT HOUSING COMMUNITY NEAR SYRACUSE UNIVERSITY FOR $65,000,000
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PHILADELPHIA, PA–(4/5/22) – RRA/GREA’s National Student Housing Group is pleased to announce the sale of Campus Hill Apartments in Syracuse, NY. The property consists of 267 units totaling 715 beds across 51 separate buildings. The units are all fully furnished.

An affiliate of Champion Real Estate Co., a family office out of Los Angeles, purchased the property with plans to complete upgrades to finishes and fixtures across the portfolio. Syracuse University is a respected institution with over thirty research institutes and a great enrollment growth trajectory. This portfolio provides student housing options with close proximity to campus as well as Greek life.

Ken Wellar, managing partner at RRA/GREA, stated: “Our firm has been very active in Northeast student housing. We successfully closed $178 million in student housing transactions in New York state in recent months, and have closed over $300 million in the 1st quarter of 2022 throughout the East Coast. Through our national network of buyers we are able to move capital across the country.”

“We are seeing a ton of transaction volume in the student housing space, as investors are compelled to take advantage of the cap rate arbitrage that student housing offers compared to conventional multi-family,” added Douglas Sitt, RRA/GREA’s student housing specialist. “We are seeing more and more groups entering the scattered site student housing space, as single family rentals and student housing continue to be amongst the top performers of real estate asset classes.”

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