A formerly distressed property was sold back to its school, and the company’s UL portfolio was added to.
Johnstown, N.Y., and Louisville, Ky. — Boston-based Gross & Cohen (G&C) has disposed of Campus View Apartments, a 144-bed student housing community located near Fulton-Montgomery Community College in Johnstown. G&C purchased the distressed community in 2007 and has spent the time since then rehabbing the community and bringing it to full occupancy. As a result of the improvements, G&C sold the community to Fulton-Montgomery’s nonprofit foundation.
In addition, G&C partnered with a private equity firm to purchase Station House Annex, a community located near the University of Louisville. The venture alrady owns another property in the market, the 179-bed Station House Square Apartments, which was purchased before going into foreclosure.
— Coleman Wood