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Student Housing Changes Hands, Gets Rehab

JOHNSTOWN, NY-The former distressed property, adjacent to Fulton-Montgomery Community College, is now 100% occupied, after a previous occupancy rate of 60%.

By Natalie Dolce | Updated on October 31, 2008

JOHNSTOWN, NY-Gross & Cohen Real Estate Investors Ltd., a student housing investor, has completed the acquisition, renovation and lease up of Campus Green Apartments adjacent to Fulton-Montgomery Community College. The firm picked up the former distressed property for nearly $2 million, a company spokesman tells GlobeSt.com.

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.

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