364-Bed Student Housing Portfolio

Unique opportunity to acquire the fee simple interest in a 364-bed student housing portfolio pedestrian to Indiana University of Pennsylvania. The Portfolio consists of 116 units spread over 28 properties (23 separate parcels) centrally located and within walking distance of campus. 

All units feature large living spaces and closets, 55% of units provide 1:1 bed/bath parity and are fully furnished with living room and bedroom furniture. Properties offer numerous amenities that separate them from their competition including a lighted basketball court, a fitness center, free in-unit laundry, and a community room. The Portfolio has been 100% occupied since its inception and is 99% pre-leased for the 2025-26 school year, making it the most highly sought-after-living option for students at IUP.

Current ownership prides itself in building and maintaining the highest level of quality in terms of construction and upkeep of its properties. Four properties (30 units) are brand-new ground-up construction, and four properties (63 additional units) are complete gut rehabs. On the three newly constructed properties, ownership spared no expense in the quality of craftsmanship.

The Portfolio can be acquired with a complete staff in place (see payroll cost on the Pro Forma). This is a huge benefit for an out-of-town owner/operator who requires management,   leasing, and maintenance for the properties. In addition, ownership has invested heavily in its proprietary website which generates traffic year after year (see IUP Off-Campus Student Housing; iupoffcampus.com). The website provides property information (photos and virtual tours) and an online payment and maintenance requests portal. This component provides a new owner with an advantage in the marketplace from day one.

Indiana University of Pennsylvania has 9,246 students enrolled and this is growing. From the 2022 to 2023 academic year the enrollment increased by 4.8%. First-year students increased by 16% over that same period. IUP requires first-year students to reside on campus in University-owned housing. Currently, 60% of undergraduate students live off campus. IUP continues to expand its undergraduate and graduate studies programs creating demand for an already tight housing market.

This 364-bed student housing portfolio is offered at an 8.8% Pro Forma CAP Rate offering buyers an excellent return on day one on a stabilized portfolio in a growing and thriving student housing market.