KUTZTOWN, PA-A student-housing community here near Kutztown University got snapped up by an affiliate of private-equity BET Investments firm for $30 million. The developer, Apex at Kutztown, LP, which built the facility in 2008, sold the asset in a deal brokered by NorthMarq.
The asset has 184 units and 552 beds and includes a fitness center, clubhouse and other ammenities. Kutztown University, which plans to renovate and construct new buildings on campus through 2014, has about 1,100 students.
Joe Verdejo, a senior vice president at NorthMarq, says the transaction closed in less than 10 weeks due to a strong demand for student-housing assets in a rebounding economy. According to Marcus & Millichap's research team, there were 67 student-housing transactions last year, up from 29 in 2009, based on RealCapital Analytics numbers.
"Student housing is one of the property types that is experiencing good performance," Lawrence Stephenson, NorthMarq's executive vice president and regional manager, tells GlobeSt.com. "Existing student housing is aging and there isn't an abundance of money to help colleges handle the increasing costs involved in replacement. So the private sector has stepped up to address the shortage and is doing so with high quality buildings. NorthMarq's student housing business is certainly experiencing a marked increase."
Horsham-based BET Investments owns about five-million square feet of commercial real estate over a variety of sectors across the country.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
