SOURCE: Rittenhouse Realty Advisors
PHILADELPHIA, PA--(Marketwired - 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.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.