Multi-housing / PRS

University Gate Apartments

5086 Station Rd Erie, Pennsylvania United States 16510-4361
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Key facts

Loan Status REO
Listing Type Multi-housing / PRS,Multi-housing / PRS

Property description

Jones Lang LaSalle (“JLL”), in conjunction with Ten-X, has been retained on an exclusive basis by the Owner to arrange the sale of University Gate Apartments (the “Property”), a fee simple, student housing property in Erie, PA. Constructed in 2006, the Property supplies Penn State Behrend with 132 (485-beds) of off-campus housing units.

The Property is located directly North of Penn State Behrend, the third-largest university in the Pennsylvania State University system. The Property is comprised of nine (9) one-to-three-story apartment buildings and is currently 77.3% leased as of September 2021. The opportunity allows an investor to acquire a cash-flowing asset with rising occupancy and continue an ongoing unit-renovation plan resulting in a proven 15.2% rental premium.

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Auction Start Date:  Monday, November 29th

Auction End Date:  Wednesday, December 01st

Investment highlights

UNDERSUPPLIED MARKET The campus provides enough dormitory beds for approximately 1,900 students, less than half of the reported full-time student body – the reported monthly charge for dormitory housing averages $708 per month, increasing demand for off-campus alternatives. 

INCREASING OCCUPANCY The Property has leased up significantly for the 2021/2022 school year and is currently 77.3% leased as of September 2021, representing a 1.8x increase in occupancy from December 2020.

PROVEN VALUE ADD OPPORTUNITY Current ownership has recently renovated 12 units (47-beds) and increased market rents for the refurbished product by 15.2%. With 120 units (438-beds) currently un-renovated, the Property provides investors with a value-add opportunity, pushing revenue and increasing net operating income.

CAMPUS LIFE RETURNS Campus life is back at Penn State Behrend, largely driven by student and staff COVID-19 vaccination rates. As of September 2021, 76% of students, 100% of administrators, and 89% of full-time campus employees and academic personnel had uploaded their proof of vaccination. In total, the overall campus vaccination rate is much higher than Erie County’s rate of 58%.

FEE SIMPLE SALE The current opportunity would allow an investor to step into fee simple chain of title direct from a CMBS special servicer.

Last Updated Date: 03 Nov 2021

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Last Updated Date: 03 Nov 2021

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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