W.P. Carey Acquires 94-Unit Community Leased to Monroe College for $26 Million

New Rochelle, N.Y. — W.P. Carey has acquired a 94-unit residence hall leased to Monroe College in New Rochelle for $26 million. The 49,500-square-foot community was built in 2018. The property is located in close proximity to the New Rochelle transit station, which provides commuter service to New York City through the Metro-North railroad. The community is net-leased for a remaining term of 12.25 years with inflation-based rent increases.