ALBANY, N.Y., Dec. 03, 2018 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors and Triad Real Estate Partners are pleased to announce that the two firms have partnered together to market College Suites Portfolio – a five property, 955 bed / 291-unit portfolio of student housing at three different colleges in the Capital District of Upstate New York.
The College Suites Portfolio presents a rare opportunity to acquire a quality collection of Class A, purpose-built student assets, all of which are truly walkable to campus. All five of the properties are virtually across the street from their respective campuses – while two of the assets are master leased by Rensselaer Polytechnic Institute and serve as affiliated housing for upperclassmen, graduate, and married students. There are over 30,000 students enrolled within one mile of the Portfolio.
Kenneth Wellar, Managing Partner at Rittenhouse Realty Advisors, noted that “City Station West and East have a combined 31,181 square feet of street-level retail space with close to 31% leased. That’s over $200,000 of unrealized revenue annually.”
Ryan Tobias, Partner at Triad Real Estate Partners, added “All five properties have PILOT agreements with local taxing authorities that run through at least 2031. College Suites at Washington Square will not have to pay taxes on the full value of the asset until 2051, which equates to more cash flow for the new owner.”
Triad and Rittenhouse have teamed up in the past on similar assignments to combine their broad marketing platforms and student housing experience.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. Since founding, RRA has sold over 7,400 units valued at close to $805,000,000. For more information on Rittenhouse Realty Advisors, visit RittenhouseRealty.com.
Founded in 2010 by three partners who now have over 35 years of experience in commercial real estate, Triad Real Estate Partners strives to be to be the premier private client student housing and multi-family real estate brokerage company in the Midwest. The partners at Triad have closed over 225 transactions in 15 states covering nearly 10,000 multi-family and student housing units with an aggregate value of over $1 Billion. Triad has experience in all types of housing including affordable housing, conventional market-rate multi-family and student housing. Triad is headquartered in the historic Monadnock Building in downtown Chicago. For more information on Triad Real Estate Partners, visit TriadREPartners.com.
Rittenhouse Realty Advisors
215.454.2852 / 212.765.7900
Triad Real Estate Partners
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