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| Student housing portfolio at Lehigh University in Bethlehem, PA |
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| Jose Cruz |
FLORHAM PARK, NJ –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the more than $30 million sale of a
71-building/383-bed, scattered-site student housing portfolio at Lehigh
University in Bethlehem, Pennsylvania.
The HFF team marketed the property
exclusively on behalf of Campus Apartments. A private investment vehicle
managed by Hong Kong-based Beacon Assets purchased the property free and clear
of existing debt.
The 71 properties within the portfolio
have prime ‘walk to campus’ locations and incredible access to nightlife and
retail. The portfolio achieved close to 99 percent occupancy during the
last two academic years amidst strong year-over-year rent growth.
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| Michael Oliver |
Lehigh
University has an enrollment of more than 7,000 with growth of 25 percent
expected during the next seven years.
The HFF investment advisory team
representing the seller included senior managing director Jose Cruz,
senior directors Michael Oliver and Carl Fiebig, managing
director Kevin O’Hearn and senior director Steve Simonelli with
support from senior managing director Doug Opalka and director Ryan
McBride.
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| Carl Fiebig |
“The portfolio garnered attention from local, regional and international investors,” Oliver said. “The portfolio has shown strong historical performance and will continue to be a fantastic investment going forward.”
Founded in 1958, Campus Apartments is one of
the nation’s largest providers of on- and off-campus student housing. As
a vertically integrated firm, Campus Apartments is experienced in all facets of
the student housing industry.
With over $1.5 billion in assets under
management, the firm’s portfolio consists of garden-style, mid-rise and
high-rise assets, as well as mixed-use and urban scattered-site housing.
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| Kevin O'Hearn |
HFF and its affiliates
operate out of 26 offices and are a leading provider of commercial real estate
and capital markets services to the global commercial real estate
industry.
HFF, together with its affiliates, offers
clients a fully integrated capital markets platform including debt placement,
investment advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing.
Holliday Fenoglio
Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities
L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc.
(NYSE: HF).
For more information,
please contact:
OLIVIA
HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
or
