HFF Arranges NY Student Housing Sale
- Jan 03, 2018
HFF has secured the sale of College Suites at Brockport, a 114-unit student housing community in Brockport, N.Y. HFF’s team represented the seller and also procured the buyer, EMET Capital Management LLC.
Senior Managing Directors Jose Cruz and Andrew Scandalios, Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli together with Directors Jordan Avanzato and Ryan McBride were part of the team that represented the seller in the transaction.
Located at 4599 Redman Road, the 401-bed property features one-, two-, three- and four-bedroom units ranging in size from 700 to 1,000 square feet. The community serves students attending The College at Brockport, State University of New York, and offers convenient access to various shopping, dining and entertainment venues. The property is only two blocks from the heart of SUNY Brockport.
Built in 2009, the three-story building offers common area amenities such as free Wi-Fi, courtyard, picnic area, business center, lounge, clubhouse, conference room, two story lobby, recreation room, fitness center, bike storage, volleyball court, game room, media center/movie theatre.
According to data provider Yardi Matrix, the pet-friendly community last traded in 2006, when Lone Star Funds bought the asset for $8.5 million. The average rental rate was $2,194 as of December. One of HFF recent transactions was the acquisition of Copper Spring, a 366-unit, garden-style community in Richmond, Va., for $54.2 million.
“The demand for this well-located, off-campus housing property was very strong among private investors as they saw the significant upside potential,” Cruz said in a statement.
Image courtesy of HFF
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