Student Housing Near Central Connecticut State Sells
- Jul 29, 2013
New Britain, Conn.—Campus View Apartments in New Britain, Conn., has traded hands for $4.72 million. The property is a 63-unit student housing community at the entrance to Central Connecticut State University. Chozick Realty marketed the property on behalf Campus View Apartments LLC and procured the buyer, Trinity Property Group LLC.
The property was originally built in 1970, and updated and remodeled in the early 2000s. At that time, the focus of the property was shifted to student-oriented residences, with roommate privacy dividers added to bedrooms, washer/dryers installed in each apartment, and high speed Internet and CTV included in the rental structure.
This is the fourth time that Chozick Realty has brokered the sale of Campus View Apartments. In recent months the company has also facilitated the sale of six other student apartment complexes with a total 359 units near the University of Connecticut.
“Student housing investment is on the rise, with new investors entering this niche market for the first time,” Chozick Realty’s Steve Pappas, who oversaw the sale, tells MHN. “Also, existing student housing participants are adding to their portfolios through acquisition and new construction.”
There are good reasons for that, Pappas adds. “With strong demographic trends, student apartment investment tends to provide a higher return on investment than conventional market apartments,” he says. You have to know what you’re doing to manage the properties profitably—especially considering the special lease renewal cycles involved—but all the same, more investors than ever see gold in the sector.