PHILADELPHIA-Rittenhouse Realty Advisors has completed the $23.8-milllion sale of a 394-bed student housing portfolio near Bloomsburg University’s campus in Bloomsburg.
Rittenhouse represented the Philadelphia-based seller, Greystone, which had assembled the portfolio over the last eight years, redeveloping some of the buildings and constructing others.
The buyer’s identity was not disclosed, per a confidentiality agreement, says Ken Wellar of Rittenhouse. He described the company as a Pennsylvania-based regional student housing “player.”
“There was a lot of interest, regionally, in the offering,” Wellar tells GlobeSt.com. “Investors, institutions, as well as local private capital showed strong interest. “We conducted 50 property tours and there were a dozen offers made.”
The company that bought the portfolio also owns property near Penn State and several smaller universities, he says.
The portfolio includes six sites totaling 147 units with 394 bedrooms (and 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 off-street parking for tenants. The majority of the units include flat-screen televisions and access to laundry facilities.
“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,” says Wellar.
The buildings have a mix of one-, two-, three-, four- and six-bedroom units; most were constructed within the last ten years.
Corey Lonberger of Rittenhouse also helped orchestrate the sale.