A national student housing owner and operator recently acquired two student apartment complexes near State College for a combined $74.3 million.
California-based Pierce Education Properties purchased The Bryn, 601 Vairo Boulevard in Patton Township, for $40.1 million and Tremont Student Living, 201 Vairo Boulevard, for $34.2 million. The acquisitions from LLCs associated with Saban Real Estate were completed on Oct. 17 and recorded on Oct. 27 and Nov. 2.
The two complexes are located within about 500 yards of each other.
Built in 1995, The Bryn has 11 buildings with 204 units and 684 beds. Tremont Student Living, constructed in 1996, has 17 buildings with 204 units and 696 beds. The complexes have a variety of bedroom floorplans ranging from one to four bedrooms and amenities such as in-unit washers and dryers, swimming pools, hot tubs, fitness centers and tennis and volleyball courts, according to a news release from Pierce Education Properties.
“Pierce has been pursuing properties in the State College market for more than a decade and these nearly 1,400 beds demonstrate a strong commitment to this dynamic student housing market,” Frederick W. Pierce IV, president and CEO of Pierce Education Properties, said in a statement. “This brings our cumulative student housing acquisitions to approximately $1.3 billion representing nearly 30,000 beds nationwide.”
The company did not indicate any major changes would be in the offing for the properties. The acquisitions “mark a strategic step forward in the company’s commitment to delivering outstanding living experiences for students while expanding its presence in vital university markets,” according to the release.
Pierce has managed more than 30 student housing properties in 18 states. Its current portfolio has properties near universities including Clemson, Georgia, Indiana, Iowa State, Michigan State and South Carolina, according to the company’s website.
