X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTH BEND, IN-Amherst, MA-based Gross & Cohen have purchased a 353-bed student housing portfolio within one mile surrounding the University of Notre Dame here for $13.7 million. The portfolio includes almost 50 properties that include homes and multifamily properties, including a 43-unit building.

North Hill LLC and Boggs Kramer LLC sold the portfolio. One of the owners, Mark Kramer, will continue to manage the portfolio through his firm Kramer Property Management.

Steven Gross, president of his self-named firm, tells GlobeSt.com that his company tries to find niche student housing areas where total market penetration can be achieved. “This purchase allows us to be the major player in the Notre Dame market, and new development is very limited by the city and the county.

He says the portfolio is full now, 75% leased for the 2009-2010 school year and already 20% leased for the year after. “There are approximately 2,500 beds available for off-campus housing…and there are more than 4,000 students seeking these beds. We’ve already added another 100 beds to our portfolio,” Gross says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.