Temperance Way Student Housing Portfolio Multi-Family FOR SALE


California, PA
$7,000,000 USD
724-933-6300
, California, PA for Sale
$7,000,000 USD
Multi-Family - FOR SALE
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Temperance Way Student Housing Portfolio
California, PA


HIGHLIGHTS

  • Take advantage of this well-maintained 73.45% occupied student housing portfolio with additional rent upside.
  • Located along the Monongahela River with excellent proximity to retail, dining and PennWest California's campus which is seeing increased enrollment.
  • Boasts an excellent unit mix consisting of 82 one- to four-bedroom units across twelve properties.
  • PennWest California provides a consistent student population of 7,300 graduates and postgraduates.
  • These multi-family units are also grouped within a few blocks of each other, making property management controllable.
  • The rent roll and revenues for the portfolio are expected to increase exponentially in the 2023-2024 academic year.

OVERVIEW

This twelve-asset student housing multi-family portfolio presents an enticing investment southwest of Pittsburgh. The portfolio, servicing PennWest California, includes units that are conveniently located within a few blocks from each other, making property management a breeze. The properties total approximately 89,682 square feet and 82 units. Each property is low-rise and comprised primarily of three-bedroom units. The PennWest California multi-family student housing portfolio is a prime investment opportunity in the Pittsburgh MSA. The area is very strong for investors to enter. The portfolio is expected to yield greater rents in the academic year allowing higher incomes for ownership. Rents in the submarket are rising and have increased by 0.7% from where they were a year ago. In the past three years, rents have increased by 11.3%. There is nothing currently under construction, making existing properties highly valuable. The submarket is also steady, with six sales over the past year totaling $7.9 million. The new owners also have the opportunity to restructure management and the leases to increase cash flow. California, Pennsylvania, is 35 miles southwest of Pittsburgh. The town gives off a distinct college vibe just off the Monongahela River. Residents of the portfolio enjoy a quick walk to waterfront views and green spaces. Local pubs, restaurants, and popular chains are within a short distance. Residents can access public transportation, and moving to and from the property is a breeze, with quick Interstate 70 accessibility. The twelve-asset portfolio is perfect for investors looking to create economies of scale and increase cash flow in a steady area. Property tours are available by appointment only. Please contact the listing broker to schedule.

ASK ABOUT THIS PROPERTY

Anthony DastaThe Dasta Group, RE/MAX Select CommercialMore Info
724-933-6300

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Anthony DastaThe Dasta Group, RE/MAX Select CommercialMore Info
724-933-6300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.