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Rittenhouse Realty Advisors Sells 50 Student Apartments and 14 Retail Spaces 1 Block From Bloomsburg University for $3,575,000
PHILADELPHIA, PA--(Marketwired - Aug 11, 2014) - Rittenhouse Realty Advisors is pleased to announce the sale of Husky Korners Plaza, a student housing complex adjacent to Bloomsburg University. The three properties were built in 1939 and converted to student housing in 1986, totaling 86 beds and 14 retail commercial spaces. The transaction also included a parcel with 80 income producing parking spots across the street from the complex.
The units, which range from studios to four bedrooms, historically have had 100% occupancy. Rents for this property are the lowest in the market, which presented a tremendous value add opportunity to the new owners. "This is RRA's second sizable transaction in this marketplace, with another great opportunity currently for sale. Given the proximity to NYC and Philadelphia, along with increased interest in student housing properties from investors, Bloomsburg University is a very attractive market for potential buyers from outside the immediate area," said Corey Lonberger, Managing Partner.
Due to strict student housing laws there are extremely high barriers to entry for student housing in Bloomsburg, which aids in preserving a strong student housing rental market. Though there was much outside interest in purchasing the property, the buyer was an established local owner. "The outstanding location and upside potential make Husky Korners Plaza a prime candidate for repositioning in this high occupancy submarket with high barriers to entry," noted Steve Miceli, Associate at RRA.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.
