The portfolio includes 13 physical properties containing 28 units and 95 bedrooms. The properties are situated in a one-mile radius from one another and within walking distance to both Bloomsburg University' s campus and the downtown district, making this a unique opportunity to acquire a sizeable portfolio in the most desirable off-campus student housing locations. With 60% of students living off campus paired with high barriers to entry in the market, the portfolio has experienced consistently high occupancy and is currently 100% occupied for the 2016-2017 school year. The property is currently 96% leased for the 2017-2018 school year. The offering allows new ownership multiple avenues to consider for the future of the portfolio. With a proven manager and maintenance staff in place, who have expressed willingness to work with new ownership, the offering allows the new owner turn-key potential on a stabilized deal. Recent capital improvements support a low initial investment in improvements and repairs. Adversely, new ownership could take a value-add approach upgrading kitchens and baths to realize increased rents of 15% to 20%...
Bloomsburg, Pennsylvania is a small, historic town located within Columbia County and is home to about 14,700± residents. The County seat, Bloomsburg, is considered the only incorporated town in Pennsylvania. Being located along Route 11 and less than 5 minutes from two exits of Interstate 80 makes Bloomsburg a hub of activity for residents or visitors. Deep in the heart of the Susquehanna River Valley, Bloomsburg boasts a rich economic history and has a diverse economy thanks to Autoneum, Bloomsburg University, Geisinger-Bloomsburg Hospital, Kawneer, and a vibrant downtown community of small businesses from shops to bars and eateries.
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