Ithaca, N.Y. — Harrison Street has acquired two student housing communities comprised of 281 beds near the Cornell University campus in Ithaca. Acquisitions include The Lux, a 207-bed community located at 112-114 Summit Ave.; and The Lofts, a 74-bed property located at 201 College Ave. Both communities were acquired from Ithaca-based Visum Development Group and equity partner East To West Capital for an undisclosed price.
The Lux offers a mix of one-, two-, three-, four- and five-bedroom fully furnished units in two four-story buildings. Shared amenities include a rooftop terrace, outdoor fire pit lounge, fitness center, sauna and steam room, package rooms and study rooms.
The Lofts offers one-, two-, three- and four-bedroom fully furnished units in one five-story building. Communal amenities include a media lounge and fitness center. Both communities were 95 percent occupied at the time of sale. Ryan Lang and Ben Harkrider of Newmark represented the buyer and seller in the transaction.
“Ithaca is a phenomenal, growing college town but access to new developments is scarce,” says Christopher Merrill, co-founder, chairman and CEO of Harrison Street. “We are pleased to have acquired these assets and support these exceptional student accommodations designed to facilitate and enhance the university experience for Cornell students.”