NEW BRUNSWICK, NJ-McKinney Properties, a national student housing owner and operator, has acquired Rockoff Hall, a 674-bed high-rise student housing complex beside Rutgers University.
Located in downtown New Brunswick, Rockoff Hall is within walking distance of the College Avenue and Cook Douglas campuses and adjacent to the Bloustein School of Public Policy and Planning.
McKinney Properties acquired the student residence as an institutional joint venture with Virtus Real Estate Capital. Investor's Bank provided a $44.1 million fixed-rate five-year mortgage.
Rockoff Hall was built in 2006 and is affiliated with Rutgers, the state university of New Jersey. At the time of construction, the tower was hailed as introducing luxury student housing to the Rutgers campus.
Pittsburgh-based McKinney Properties strategically targets student-housing properties within walking distance of larger college campuses and in supply-constrained apartment markets, seeking to add value.
The company has more than 5,000 student housing beds in its portfolio, along with 1,500 multi-family units, in ten states and Washington, D.C.
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