GREA’s National Student Housing team sold a 191 unit, 273 bed off-campus student housing portfolio in State College, PA. GREA’s debt and equity team sourced the financing for the buyers. The portfolio includes four individual properties: Lenwood Place: 917 S. Allen Street (57 Beds), Mt. Nittany Apartments: 1006 S Pugh Street (55 Beds), Allen Park Apartments: 1013 S Allen Street (108 Beds) and College Park: 415 W College Avenue (53 Beds).
The properties are all within walking distance to Pennsylvania State University, a Power 4 market with 49,000± students enrolled at its University Park Campus. They feature a varied mix of units along with desirable bed/bath parity. Ken Wellar, who heads the National Student Housing team at GREA stated: “Value-add deals close to Penn State’s main campus rarely come up for sale.” The buyer, a joint venture with Ethos Residential and Continental Real Estate Management, identified this acquisition as an opportunity to execute a strategic value-add initiative with distinctive improvements to the units and amenities.
GREA’s focussed student housing efforts have made them successful at marketing off-campus housing adjacent to university systems throughout the US. Steffan Ramos, a senior associate on the National Student Housing team, noted: “This is the second student housing portfolio sale GREA has sold in the Northeast in 2025, showcasing our expertise in delivering strategic, high-value transactions in one of the nation’s most dynamic real estate markets.”
George Johnson, who led GREA’s financing efforts, added: “This assignment was challenging given the current state of the credit markets and with a development team who was coming into the Penn State market for the first time.” GREA was able to find a regional lender who saw the developer’s vision of their value-add business plan and ultimately furnished an overall financing package with highly competitive terms.
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