PHILADELPHIA: Investors Eyeing College Towns
College towns in the Northeast have been getting lots of investor interest from the big cities, according to RRA managing partners Corey Lonberger and Ken Wellar (second and third from right in the first row). RRA brokered the sale of Husky Korners Plaza in Bloomsburg, Pa., to Sunrise Properties for $3.6M; the seller was a family partnership out of New York that had owned the property for 20 years. The new owners are locally based, but Corey and Ken say that the low rents, combined with more potential buyers in Philly and New York looking at student housing markets, will make it a superb asset for repositioning. The 50-unit, 75-year-old property sits adjacent to the Bloomsburg University campus and historically has boasted full occupancy, both in its residential units and 12k SF of retail spaces.