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Torchlight Investors Provides $30.3 Million of Acquisition Financing on a Student Housing Portfolio
The portfolio consists of over 1,000 beds across 31 separate buildings at Penn State’s main campus in State College, PA (University Park), Bloomsburg University in Bloomsburg, PA, and Behrend College (Penn State Erie) in Erie, PA. Each property is located within walking distance to campus and has strong student demand, as demonstrated by the portfolio-wide occupancy of 98%. Each complex offers high quality, fully furnished units with single occupancy bedrooms, common area space and fully equipped kitchens. Certain complexes also include amenities such as fitness centers, student lounges, and laundry facilities.
The properties are owned by a highly experienced owner and operator who manages over 6,000 beds across 34 student housing complexes within the State of Pennsylvania, and has an exceptional track record in commercial properties that spans more than thirty years.
“Continued increase in student university enrollment, combined with increasing cutbacks of state funding to public universities has led to a steady expansion in demand for private student housing. Assets that are well located in supply constrained markets represent attractive investment opportunities”