KUTZTOWN, PA-A student-housing community here near Kutztown University got snapped up by an affiliate of private-equity BET Investments firm for $30 million. The developer, Apex at Kutztown, LP, which built the facility in 2008, sold the asset in a deal brokered by NorthMarq.
The asset has 184 units and 552 beds and includes a fitness center, clubhouse and other ammenities. Kutztown University, which plans to renovate and construct new buildings on campus through 2014, has about 1,100 students.
Joe Verdejo, a senior vice president at NorthMarq, says the transaction closed in less than 10 weeks due to a strong demand for student-housing assets in a rebounding economy. According to Marcus & Millichap's research team, there were 67 student-housing transactions last year, up from 29 in 2009, based on RealCapital Analytics numbers.
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