Gross & Cohen Buy Student Portfolio for $14M

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.