Chicago Fund Sells 998-Bed Student Housing Portfolio in Upstate New York for $90 Million

Chicago Fund Sells 998-Bed Student Housing Portfolio in Upstate New York for $90 Million
Features February 14, 2025| | Amy Wolff Sorter
New York & Tri-State + Student Housing

 

Pictured above: Block 20, Amherst, NY

OC Ventures, a student housing private equity fund, sold a two-property, 998-bed student housing portfolio in Upstate New York. The Chicago seller traded the assets for $90 million to BDC Holdings Inc., the parent company of The BDC Group. The BDC Group has offices in White Plains and Latham, NY.

The Hill at Rochester, Rochester, NY

The portfolio consisted of the following:

  • The 192-unit, 640-bed Block 20, 100 Herron Dr., Amherst, NY, serves The University of Buffalo North Campus
  • The 182-unit, 358-bed Hill at Rochester, 24 Fairwood Dr., Rochester, NY, serves The University of Rochester and Rochester Institute of Technology.

GREA’s Student Housing Group represented OC Ventures in the off-market transaction. The buyer hired PeakMade Real Estate to manage the properties.

GREA’s Founding Partner, Ken Wellar, told ApartmentBuildings.com that the seller had owned the properties for five years. While the assets weren’t marketed, they attracted a great deal of interest. “We selected the buyer because they’re local and understand the area’s student housing markets,” Wellar said, adding that the buyer also saw plenty of upside with the properties. “Both markets were strong, and the buyer believed in the enrollment growth,” he added.

Block 20, constructed in 2016, is a gated community offering two- and four-bedroom units. On-site amenities include a fitness center, a computer lab, student lounges, a pool with clubhouse, sports courts, package service and a campus shuttle. The Hill at Rochester was initially a 1960s apartment building. Renovated in late 2018 for student housing purposes, the property offers one- to four-bedroom units. Features include a pool, clubhouse, fitness center, student lounges, computer lab, sports courts and campus shuttle.

BDC Group is planning upgrades to both properties.

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