PAOLI, PA — TSB Realty, LLC completed the sale of Twenty 91 North, a 192-unit, 640-bed student housing community located near the University at Buffalo in Amherst, New York. OC Ventures purchased the property from University Student Living and Harrison Street Real Estate.
“Twenty 91 North provided OC Ventures with the opportunity to own the premier student housing asset in the University at Buffalo market, while continuing to execute their student housing acquisition strategy targeting specific markets across the east coast,” said Randall L. Calvert, who handled the project for TSB Realty.
OC Ventures is a China-based real estate private equity fund, utilizing a vertically integrated investment platform to acquire, develop and manage purpose-built student housing assets throughout the U.S. Its portfolio of U.S. student housing properties are located in Pennsylvania, North Carolina, South Carolina, Georgia, Florida and New York.
Harrison Street Real Estate Capital is one of the leading real estate investment management firms exclusively focused on the education, healthcare and storage sectors. Headquartered in Chicago with an office in London, the firm has approximately $14.6 billion in assets under management. University Student Living (USL) is the privately owned student housing company of The Michaels Organization. The USL team has completed the acquisition, development and operations of more than $3 billion in student housing projects nationwide.
Built in 2016, Twenty 91 North serves University at Buffalo students as part of the State University of New York (SUNY) system. The community offers residents first-class amenities and modern interiors, set in a location surrounded by a vast array of excellent shopping, dining and entertainment options. Unit amenities include private bedrooms and bathrooms, plank-style flooring, sleek kitchen cabinetry, breakfast bar, walk-in closets and full-size washer and dryer in every apartment. The community also features a resort-style pool, game area with pool table, ping pong, shuffleboard and more, study lounge, computer lab, fitness center and private shuttle service.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last two years, the Paoli, Pennsylvania-based firm has closed more than $2 billion in student housing sales comprising over 9,000 units and 24,000 beds.