Beacon Assets acquired a 71-building, 383-bed, scattered-site student housing portfolio in Bethlehem, Pennsylvania, for $30m from Campus Apartments. Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. Located near Lehigh University, the portfolio was 99 percent leased during the last two academic years amidst strong y-o-y rent growth. Lehigh University has an enrollment of more than 7,000 with growth of 25 percent expected during the next seven years. Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller.
“The portfolio garnered attention from local, regional and international investors,” said Michael Oliver, senior director at HFF. “The portfolio has shown strong historical performance and will continue to be a fantastic investment going forward.”
