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35 Properties / Various Addresses , Troy, NY
<p style="text-align: justify;">The portfolio is made up of 34 single-family houses and one (1) apartment building for a total of 285 beds. All properties are located in Troy, New York, situated in upstate New York slightly north of Albany, and are within walking distance to main academic buildings on RPI’s campus. The Portfolio provides housing for Rensselaer Polytechnic Institute (RPI) which was founded in 1824 and is the nation’s oldest technologic, research university and a top-tier engineering school. RPI requires first and second-year students to live on campus. They have approximately 3,850 beds on campus and they implement a lottery system to fill any remaining beds on campus after first and second-year students are placed in on-campus housing. Enrollment at RPI is over 7,000 students, leaving much demand for off-campus student housing. Currently, the portfolio properties average a rental rate of $612/month, much less than on-campus housing which ranges between $797-$1,033. All leases for portfolio units are guaranteed by the students’ parents or guardians. Further, the portfolio is also able to offer student housing to Hudson Valley Community College, another source of demand and income for the portfolio’s lease-up. Hudson Valley Community College enrolls approximately 13,000 students and employs approximately 650 full-time and part-time faculty members. Neighborhoods surrounding the area and the RPI campus offer great cultural diversity, giving students a wonderful place to live in and enjoy while they are calling Troy, NY home. </p><p style="text-align: justify;">The entire portfolio has a substantial value-add opportunity. A portion of the portfolio has recently been completely renovated and has seen exceptional returns. By way of example, the apartment complex at 1605 Highland Avenue was refurbished in 2018 with over $500,000 invested in renovations. These upgrades generated more market interest and allowed for significant rent growth, as well as changing the utility charges structure to passing utility fees on to residents, rather than including utilities in the rent. Ownership is in the process of renovating additional units with the same rent growth expected. With continued updates and modernization to other units within the portfolio, there is remarkable potential to further increase rent growth across the assets in the portfolio. With ample room for rent growth and strong demand stemming from two colleges, the BI Student Housing Portfolio is an incredible opportunity to acquire student housing properties throughout an upstate New York town, rich in culture and history.</p> <p> </p>