Berkadia Negotiates $24.5M Student Housing Property Sale in State College, Pennsylvania
State College, PA – June 27, 2024 – Berkadia announced today the sale of Blue Course Commons at Penn State University, a 92-unit, 276-bed student housing townhome community in State College, Pennsylvania. Berkadia Philadelphia, led by Senior Managing Directors Matthew Stefanski and Zachary Pierce, along with Associate Maura Spellman, collaborated with Berkadia Student Housing’s Senior Managing Directors Kevin Larimer and Brandon Buell to lead the transaction on behalf of the seller, Pennsylvania-based College Town Communities.
Blue Course Commons sold for $24.5 million to Pennsbury Capital on May 31. The sales price reflects a per-unit price of +/- $266,000 or $89,000 per bed. The property was 100 percent occupied at the time of the sale.
“Blue Course Commons is located in one of the strongest student housing markets in the nation,” Stefanski noted. “The fully stabilized asset was well received by the investment community due in part by its attractive assumable debt, impressive property-level rent growth, and significant capital infusion from previous ownership.”
Located at 446 Blue Course Drive, the property features furnished townhome apartments with convenient access to downtown amenities and Penn State’s campus via CATA Bus Service, bike, or walking, providing students a plethora of ways to access all that State College has to offer.
Student-Housing Property in State College, Pa., Sells for $24.5Mln | CRE Direct