RRA SELLS LARGE STUDENT HOUSING PORTFOLIO IN BETHLEHEM, PA NEAR LEHIGH UNIVERSITY FOR $21,350,000
PHILADELPHIA, PA– Rittenhouse Realty Advisors is pleased to announce the sale of a large student housing portfolio serving the students of Lehigh University in Bethlehem, PA. The portfolio consists of 44 properties totaling 219 bedrooms, all legally zoned and approved by the City of Bethlehem. The properties have modern, updated finishes and have been well maintained. They are located within close proximity to one another for ease of management.
Lehigh University has major expansions planned for the next ten years, including increasing enrollment and opening a College of Health. Ken Wellar, Managing Partner at RRA, stated: “Lehigh is a strong school with good enrollment growth over last few years.” The buyer in this transaction was a family office, new to the student housing market, which, Wellar says, is a growing trend.
Luke DeLuca, Senior Associate at RRA, added: “Over the past few years there has been tremendous growth in the Lehigh Valley which continues to attract out of town investors. Utilizing our New York City office, we have been able to bring more outside capital into the Valley than any of our competitors.”