Bloomsburg Rocks!
Location, location, location. It's the rule of thumb in real estate and water balloon fights, and that's why Rittenhouse Realty Advisors' Ken Wellar was just able to broker the sale to a local operator of a 394-bed student housing complex near Bloomsburg (PA) University for a solid $60k per bed. Ken, who worked with colleague Mark Duszak, tells us the property commanded a lot of interest (from several regional operators) since it's just two blocks from campus.
The lack of product available in gateway markets also created a lot of buzz, Ken says, and a secondary market like Bloomsburg provides an opportunity for investors to get in on the student housing action. "A property like this shows that location is everything," Ken says, noting that returns have been hard to come by in primary markets due to cap rate compression, so a market like Bloomsburg presents a unique opportunity.
