383-BED STUDENT HOUSING PROPERTY IN BETHLEHEM, PENNSYLVANIA
PHILADELPHIA, June 12, 2023 (GLOBE NEWSWIRE) — GREA, is pleased to announce the sale of a large off-campus student housing portfolio serving the students at Lehigh University in Bethlehem, Pennsylvania. The portfolio consists of 45 modern apartment units (117 bedrooms), 62 single-family houses (266 bedrooms), and one street-level commercial space. Each property in the portfolio is located within a short walk of Lehigh University, one of the nation’s most distinguished private research universities. The University’s strategic plan for the next decade calls for increasing enrollment, attracting new faculty, expanding research, and constructing new facilities.
Ken Wellar, Founding Partner of GREA, noted, “Over the past few years there has been tremendous growth in the Lehigh Valley which continues to attract out-of-town investors.” The buyer in this transaction is a national student housing operator with off-campus housing communities in Georgia, Louisiana, New York, Pennsylvania, Rhode Island, and South Carolina.
Luke DeLuca, Managing Director of GREA, stated “All of the properties are situated in the South Side section of Bethlehem in some of the most sought-after locations by students living off campus and are within close proximity to one another for ease of management.” DeLuca added that “The geography of the area poses significant barriers to entry for any new development projects. In addition, city ordinances make it challenging to convert properties into student housing unless they are within a certain zone or have already been grandfathered into the system.”
For more information on current rates or to view our available listings visit www.GREA.com
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus on 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-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e00d8a0e-6e04-4f1e-b0e6-3663f99f3308