SYRACUSE, NY – RRA/GREA's national student housing group has sold a 51-building student housing community, near Syracuse University, for $65 million. An affiliate of Los Angeles-based family office Champion Real Estate Co. purchased the property.
Located in Syracuse, NY, Campus Hill Apartments comprises 267 fully-furnished units, totaling 715 beds.
The buyer plans to complete upgrades to finishes and fixtures across the portfolio.
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In recent months, RRA/GREA has closed $178 million in student housing transactions across the state of New York. In Q1 2022, the firm closed more than $300 million across the East Coast.
"We are seeing a ton of transaction volume in the student housing space, as investors are compelled to take advantage of the cap rate arbitrage that student housing offers compared to conventional multifamily," states Douglas Sitt, RRA/GREA's student housing specialist.
Sitt adds, "We are seeing more and more groups entering the scattered site student housing space, as single family rentals and student housing continue to be amongst the top performers of real estate asset classes."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
