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Lehigh University in Bethlehem. PHOTO/LEHIGH UNIVERSITY
Student housing properties near Lehigh University sell for $29.5M
Paula Wolf//June 13, 2023//
Listen to this articleA large off-campus student housing portfolio serving Lehigh University students and others has been sold for $29.5 million, Global Real Estate Advisors announced Monday.
The buyer is a national student housing operator with off-campus housing communities in Pennsylvania, Georgia, Louisiana, New York, Rhode Island and South Carolina. No more details were given.
The portfolio consists of 45 modern apartment units (117 bedrooms), 62 single-family houses (266 bedrooms) and one street-level commercial space. Each property is within a short walk of the university. Lehigh’s strategic plan for the next decade calls for increasing enrollment, attracting new faculty, expanding research and constructing new facilities, a release said.
Ken Wellar, founding partner of GREA, said, “Over the past few years there has been tremendous growth in the Lehigh Valley, which continues to attract out-of-town investors.”
Luke DeLuca, managing director of GREA, added: “All of the properties are situated in the South Side section of Bethlehem in some of the most sought-after locations by students living off campus and are within close proximity to one another for ease of management.”
He said the geography of the area poses major barriers to entry for any new development projects, creating even more demand for the portfolio. “In addition, city ordinances make it challenging to convert properties into student housing unless they are within a certain zone or have already been grandfathered into the system.”
GREA, which has 12 offices, including one in Philadelphia, posted a combined sales volume of more than $10 billion from 2020-2022.
Paula Wolf is a freelance writer
