The offering presents a compelling opportunity to acquire two adjacent, independently operated multifamily communities - Imperial Towers and Imperial Townhomes. The properties are located minutes from Penn State University’s University Park Campus, one of the largest and most stable public institutions in the country. Together, the properties deliver 155 total units and 208 beds, with strong in-place cash flow, embedded value-add potential, and location-driven demand from both undergraduate and graduate students, as well as young professionals. • Imperial Towers, a mid-rise apartment building, offers a diversified mix of studio, one-, and two-bedroom units, many of which have been partially renovated. The building features central air conditioning, updated countertops and bathrooms, and balconies for many units, providing attractive lifestyle features not typically found in on-campus housing. The asset is professionally managed and benefits from efficient leasing cycles aligned with the academic calendar. • Imperial Townhomes is a low-density townhome community made up entirely of 2-bedroom/1.5-bath units. Its suburban-style layout, including private front and rear entrances, in-unit laundry hookups, and outdoor green space, is highly appealing to graduate students and upperclassmen. The property is currently 100% occupied, with strong renewal history and below-market rents, allowing for immediate mark-to-market potential. Additional value can be unlocked by lightly renovating kitchens and bathrooms, standardizing unit finishes, and leveraging the property's appeal to renters priced out of newer purpose-built student housing.