Campus Green is 100% occupied with a waiting list and FMCC is in negotiations with Gross and Cohen to develop a second student housing property in the market. The spokesman tells GlobeSt.com that the rehab cost totaled more than $500,000.
Campus Green, built in 1983, is a 37-unit/74-bed complex with fully furnished units. According to a prepared statement, it is the only student housing complex in proximity to the 2,200 student school. After years of use, however, Campus Green had become outdated and undesirable to the students, the release says. Its occupancy rate had plummeted to nearly 60% prior to the purchase and renovation.
"Our bid for the property included a contingency that we establish a positive relationship with FMCC," says Steven Gross, president of Gross & Cohen, in a prepared statement. Part of the redesign included a new security system, new laundry areas, structural work and new furniture.
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