RRA Sells 394 Bed Student Housing Portfolio Near Bloomsburg University Valued at $23,800,000
Rittenhouse Realty Advisors is pleased to announce the sale of a 394 bed student housing portfolio near Bloomsburg University.
PHILADELPHIA, PA–( Jan 24, 2014) – Rittenhouse Realty Advisors is pleased to announce the sale of a 394 bed student housing portfolio near Bloomsburg University’s campus in Bloomsburg, PA. The portfolio consists of 6 locations, totaling 147 units, 394 bedrooms (licensed for 436 tenants) and one leasing/management office. All units were sold fully furnished with bedroom and living room sets, fully equipped kitchens and feature ample off-street parking. The majority of the units include flat-screen televisions and convenient access to laundry facilities.
All locations of the portfolio are in the immediate area of the Bloomsburg University Campus.
“Bloomsburg enrollment has been growing over the last ten years. The proximity of these properties to the campus, along with their amenities, have consistently made them a desired housing option for students,” observed Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
The properties feature a mix of one, two, three, four and six bedroom units and most were constructed within the last ten years. “These properties attracted a wide audience of prospective buyers from national student housing operators to local private capital operators given that it is typically 60-70% pre-leased by November of the previous year,” noted Mark Duszak, Director of Rittenhouse Realty Advisors.
Due to the high barriers of entry for student housing in the town of Bloomsburg, the buyer is acquiring assets in a very strong market. “The buyer was a larger regional student housing owner/operator with a concentration of units at Penn State University. This purchase will allow them to continue to grow their foot print throughout the region,” stated Corey Lonberger, Managing Partner of Rittenhouse Realty Advisors.
Read the full article at Market Wired.