HFF announces $30+ million sale of student housing portfolio in Bethlehem, Pennsylvania
BETHLEHEM, PA — Holliday Fenoglio Fowler, L.P. (HFF) announces the more than $30 million sale of a 71-building/383-bed, scattered-site student housing portfolio at Lehigh University in Bethlehem. The HFF team marketed the property on behalf of Campus Apartments. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The 71 properties within the portfolio have prime ‘walk to campus’ locations and incredible access to nightlife and retail. The portfolio achieved close to 99 percent occupancy during the last two academic years amidst strong year-over-year rent growth. Lehigh University has an enrollment of more than 7,000 with growth of 25 percent expected during the next seven years.