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. 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.
“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.”
About Campus Apartments: 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.
About HFF: 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 visit hfflp.com or follow HFF on Twitter @HFF.