GLASSBORO, NJ—The Campus Crossing Apartments student housing complex has traded for $19.1 million, The Kislak Co. exclusively tells GlobeSt.com.
The 328-unit complex, which has 428 beds, is adjacent to Rowan University, 20 miles southeast of Philadelphia. Kislak represented both sides in the deal. Its president, Robert Holland, and Matt Weilheimer represented the seller – a private equity fund – and Barry Waisbrod represented the buyer, a private investor and longtime Kislak client.
“We previously sold Campus Crossings in 2005,” said Weilheimer. “The property is the finest privately-owned student housing community in Glassboro, a short walk to Rowan University, and there was a great deal of interest in it given its size, condition and strategic location.”
Rowan University currently has undergraduate and graduate enrollment of over 12,000 students and is positioned for significant growth. The University predicts that its student population could double in 10 years as a result of its expansion plan.
“The purchaser believes strongly in the future growth of the University and development of Glassboro,” said Waisbrod. “The property is well-situated in a growing market.” It has 228 one-bedroom units and 100 two-bedroom units in 10 buildings set on 18 acres.
Built in 1968, the property at 515 Mullica Hill Road has recently undergone a $4.5 million renovation, including: parking lot and exterior improvements, upgrades in 60% of the units and replacements or upgrades to mechanical systems.
“The property also offers upside potential through rent increases as further improvements are made and demand continues to increase,” said Holland.