PHILADELPHIA, Pa., April 05, 2022 (GLOBE NEWSWIRE) — RRA/GREA’s National Student Housing Group is pleased to announce the sale of Campus Hill Apartments in Syracuse, NY. The property consists of 267 units totaling 715 beds across 51 separate buildings. The units are all fully furnished.
An affiliate of Champion Real Estate Co., a family office out of Los Angeles, purchased the property with plans to complete upgrades to finishes and fixtures across the portfolio. Syracuse University is a respected institution with over thirty research institutes and a great enrollment growth trajectory. This portfolio provides student housing options with close proximity to campus as well as Greek life.
Ken Wellar, managing partner at RRA/GREA, stated: “Our firm has been very active in Northeast student housing. We successfully closed $178 million in student housing transactions in New York state in recent months, and have closed over $300 million in the 1St quarter of 2022 throughout the East Coast. Through our national network of buyers we are able to move capital across the country.”
“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 multi-family,” added Douglas Sitt, RRA/GREA’s student housing specialist. “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.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d05473e7-cc4d-48e7-acf1-4804e41823e0
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com other www.grea.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout 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, mixed useand development properties with significant residential components. RRA is a member of GREAT with brokerage offices throughout the United States.
Press Contact: Corey Lonberger and Ken Wellar