Philadelphia-based student housing firm Campus Apartments sold its 71-building Campus Hill Apartments student housing portfolio in Bethlehem, PA for $30.83 million, or about $80,000 per bed.
A private investment facility managed by Hong Kong-based Beacon Assets acquired the 383-bed portfolio from Campus Apartments, which originally acquired the buildings in 2015 for $22.28 million, according to CoStar data.
The buyer also secured $19.45 million in acquisition financing through Paris-based investment bank Natixis. It is a five-year, fixed rate acquisition loan on behalf of the borrower.
All 71 buildings located within the Campus Hill Apartments portfolio are scattered throughout Lehigh University. The student housing portfolio was near full occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000 students with a growth rate of 25 percent expected throughout the next seven years.
www.omegare.com
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