Albany Student Apartments
41 Properties | 76 Units | 280 Beds | 1 Office
Overview
Summary
- Offering Price $13,100,000
- Units 76
- Pro Forma Cap Rate 8.43%
- Price per Unit $172,368
- T-12 Cap Rate 8.50%
- Beds 280
- Commercial Space (1) Office
- Price per Bed $46,786
- Total Properties 41
Albany Student Apartments is a scattered site student housing portfolio in Albany, New York. The capital of the state of New York, Albany is situated roughly 140 miles north of New York City.
The 41 properties of this portfolio are situated in the Washington Square and Pine Hills neighborhoods in Albany contributing to operation efficiency and accessibility for both management and tenants. The properties accommodate students from several higher education institutions: The University at Albany - State University of New York, Rensselaer Polytechnic Institute (RPI), Russell Sage College, Albany Law School, and Albany College of Pharmacy and Health Sciences.
The off-campus portfolio comprises 41 houses, 76 units, and 281 beds. Some units have recently been renovated, including upgraded kitchens, hardwood floors, and bathrooms. The portfolio is currently 100% leased for the 2023-24 school year and in the pre-leasing phase for the 2024-25 school year. In addition, one commercial unit (office) at 495 Washington Avenue is leased to a cleaning service.
Boasting a diverse unit mix ranging from two-bedroom to six-bedroom units, this student housing portfolio presents a compelling investment opportunity for qualified investors to take advantage of a turnkey portfolio with upgraded units.