GREA Brokers Sale of 273-Bed Student Housing Portfolio Near Penn State University

State College, Pa. — GREA has brokered the sale of a 273-bed off-campus student housing portfolio located near the Pennsylvania State University campus in State College. The portfolio includes Lenwood Place, offering 57 beds at 917 S. Allen St.; Mt. Nittany Apartments, offering 55 beds at 1006 S Pugh St.; Allen Park Apartments, offering 108 beds at 1013 South Allen St.; and College Park, offering 53 beds at 415 West College Ave. GREA also sourced acquisition financing for the buyer, a joint venture between Ethos Residential and Continental Real Estate Management. “Value-add deals close to Penn State’s main campus rarely come up for sale,” says Ken Wellar of GREA. “The buyer identified this acquisition as an opportunity to execute a strategic value-add initiative with distinctive improvements to the units and amenities.”