PHILADELPHIA, Jan. 30, 2025 (GLOBE NEWSWIRE) — GREA’s Student Housing Group is pleased to announce the sale of two student properties in Upstate New York: Block 20 Buffalo, totaling 192 units and 640 beds in Amherst, New York and The Hill at Rochester, totaling 182 units and 358 beds located in Rochester, NY. The properties are in high-occupancy student markets with low development pipelines. They were purchased by New York-based BDC Holdings, Inc. (The BDC Group). The seller was OC Ventures, a Chicago-based student housing private equity fund.
GREA represented the seller, OC Ventures. “We were able to secure a regional New York family office who is newer to the student housing space,” stated Ken Wellar, Founding Partner at GREA. “Our team was able to work through a turbulent market to get to a closing. Both markets were strong and the buyer believed in the enrollment growth and saw upside in the rental growth.”
Block 20 is a gated community located approximately a half mile from The University of Buffalo North Campus – the largest of the school’s three campuses. The university topped 30,000 in fall 2024 enrollment for the 6th straight year. The property consists of furnished 2- and 4-bedroom units with bed:bath parity. Residents enjoy amenities such as a fitness center, lounges, a computer lab, a pool with clubhouse, sports courts, package service and a shuttle to campus.
The Hill, located five miles from the University of Rochester and one mile from Rochester Institute of Technology, was redeveloped in 2019. The property features 1- to 4-bedroom floor plans with bed:bath parity. Recent enrollment stats show 11,000+ students at the University of Rochester and 5,000+ students at RIT. University of Rochester ranks #44 and RIT ranks #91 in National University rankings. The Hill offers residents a pool, clubhouse, fitness center, student lounges, computer lab, sports courts, and a shuttle to campus.
Cosmo D. Marfione, P.E., CEO of The BDC Group, said, “This acquisition marks a pivotal step forward for The BDC Group in the student housing sector, and it was a pleasure working with GREA’s Student Housing Group to finalize the deal on behalf of their client. We look forward to enhancing the student-living experience at The Hill and Block 20 through quality, comfort, programming, and innovation, all of which are hallmarks of BDC properties.”
For more information on current rates or to view our available listings visit www.GREA.com.
GREA has been a leader in multifamily commercial real estate in Philadelphia and the surrounding markets since 2013. With our extensive local market knowledge, we pride ourselves in helping our clients from acquisition to disposition and through every major capital event.
Press Contact: Ken Wellar and Corey Lonberger
Founding Partners
215-454-2852
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50d1bd5e-e7ce-41b8-8a2d-d015f089c351
