RRA SELLS 84 UNITS/ 320 BEDS NEAR OSWEGO BRANCH OF SUNY UNIVERSITY SYSTEM FOR $23,500,000
PHILADELPHIA, PA–(11/10/21) – Rittenhouse Realty Advisors’s Student Housing Division is pleased to announce the sale of Lakeside Commons, a newly constructed Class-A off campus student housing community near SUNY Oswego. The property consists of 84 apartments with 320 beds. The community offers residents a state-of-the-art fitness center, a luxury clubhouse with fireplace, a game room/media lounge, a study lounge, and plenty of on-site parking, as well as views of Lake Ontario. The units are outfitted with gourmet kitchens with granite countertops, in-unit laundry, private bedrooms and bathrooms, walk-in closets, and wifi and satellite television.
SUNY Oswego recently completed $69 million in capital projects and has increased enrollment 7.9% in the last year. Lakeside Commons is the only purpose-built student housing asset in the market and there are currently no new development projects in the pipeline.
Ken Wellar, Managing Partner at RRA, stated: “We were able to secure a buyer for this core asset during the heart of Covid. The property’s close proximity to campus ensures that the new owner will have great opportunities for rent growth.”
Student Housing Specialist, Douglas Sitt, added: “Today we are seeing a large buyer pool of active student housing investors looking to invest in the space, as student housing has shown its resiliency throughout Covid and has strong go-forward market fundamentals.
In this particular deal, we were able to bring a family office ouf of New York City looking to expand their student housing portfolio. What makes RRA unique from the other student housing investment sales firms is our ability to bring a wide variety of NYC family offices in to compete on deals, rather than just the national student housing players.”