Student Housing Portfolio Near Lehigh University Trades for $21M
The portfolio totals 219 bedrooms and are all legally zoned and approved by the City of Bethlehem.
BETHLEHEM, PA—In a deal brokered by Philadelphia-based Rittenhouse Realty Advisors, a portfolio of 44 student housing properties that serve Lehigh University here has traded for approximately $21.4 million.
The portfolio totals 219 bedrooms and are all legally zoned and approved by the City of Bethlehem. Ken Wellar, managing partner at Rittenhouse Realty Advisors, states the buyer in the transaction was a family office, new to the student housing market, which, Wellar says, is a growing trend.
Lehigh University has major expansions planned for the next 10 years, including increasing enrollment and opening a College of Health. “Lehigh is a strong school with good enrollment growth over last few years,” Wellar notes.
The properties have modern, updated finishes and have been well maintained. They are located within close proximity to one another for ease of management.
Luke DeLuca, senior associate at RRA, notes, “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.”