Apex at Kutztown, a 184-unit, 552-bed student housing community located adjacent to Kutztown University.
Kutztown, Pa. — Apex at Kutztown, a 184-unit, 552-bed student housing community located adjacent to Kutztown University in Kutztown, has traded for $30 million. The seller and developer, Apex at Kutztown L.P., built the facility in 2008 and sold the property to Bruce E. Toll's BET Investments. Each unit features fully furnished individual bedroom suites with private bathrooms and living rooms. Amenities includes a clubhouse, a study lounge, a tanning bed, a pool table, a hot tub and an outdoor patio with a grill. Joe Verdejo and Jim Sheehan of NorthMarq's investment sales team arranged the transaction.
"The property is a real game changer for student housing in Kutztown," said Sheehan, senior vice president of investment sales with NorthMarq, in a statement. He added that a resort-like atmosphere, tremendous amenities, electronic security for each bedroom suite and high capacity Internet and cable television services for each student is becoming a national trend.
— Coleman Wood