PENN STATE BEHREND ERIE, PA LUXURY STUDENT HOUSING O F F E R I N G SU M M A R Y
DEAL OVERVIEW HFF is pleased to present Hudson Lofts (The Property ), a 57 unit / 178 bed, luxury Class A student housing community located on the campus of Penn State Behrend in Erie, PA. As the only Class A student housing property in the market, Hudson Lofts has been 100% leased with a wait list since it opened for occupancy in 2015, offering students premier living features and a diverse unit mix of one, two, and four bedroom floor plans, all with private bedrooms and bathrooms. The average unit size is 1,109 SF and includes high end finishes and modern furniture, in unit washer and dryer, flat screen TVs, granite countertops, hardwoodstyle flooring, stainless steel appliances, and select units which feature lake and scenic views. Residents enjoy a premium living experience with a fitness club, café, game room, a high-tech Onity key fob access system, Wi-Fi throughout the building, outdoor grill and picnic areas, and a variety of other first-class amenities. The Property serves the student population at Penn State Behrend, which reported fall 2017 enrollment of 4,502 students, representing an 11% increase since 2013. HUDSON LOFTS INVESTMENT OVERVIEW Address 5720 Station Rd., Erie, PA 16510 Supporting University Penn State Behrend Year Built 2015 Number of Stories Five Number of Units 57 Number of Bedrooms 178 Number of Beds 178 Total Rentable SF 63,217 SF Average SF Per Unit 1,109 SF Parking Spaces 199 Spaces Parking Ratio 3.5 Per Unit/1.12 Per Bed Current Occupancy 100% PSU BEHREND ENROLLMENT 2013 2014 2015 2016 2017 Total Enrollment 4,057 4,138 4,327 4,566 4,502 YOY% 2.0% 4.6% 5.5% -1.4% Total Enrollment 5 Yr Growth 11.0% School of Engineering Enrollment 1,442 1,531 1,673 1,815 1,907 YOY% 6.2% 9.3% 8.5% 5.1% School of Engineering Enrollment 5 Yr Growth 32.2% UNIT MIX UNIT DESCRIPTION UNIT COUNT BEDROOM COUNT BED COUNT SF/UNIT AVERAGE RENT/ BED/MONTH AVERAGE RENT/ MONTH/SF LEASE TERM 1 BED/1 BATH 6 6 6 310 $1,075 $3.47 12 2 BED/2 BATH 16 32 32 827 $950 $2.30 12 4 BED/4 BATH 35 140 140 1,375 $860 $2.50 10 TOTAL 57 178 178 $883 $2.49 PG 2
ERIE LAKE ERIE 1.1 MILES JUNKER CENTER 0.7 MILES 0.6 MILES PG 3
INVESTMENT HIGHLIGHTS INSTITUTIONAL QUALITY, TROPHY ASSET WITH PREMIER AMENITIES Completed in 2015, Hudson Lofts presents the rare opportunity to acquire a Class A student housing community that is located on the campus of a well-recognized growing university. The Property was specifically developed to cater to the student tenant base with high end finishes and an extensive amenity package. All units include private bedrooms and bathrooms, modern furniture, an in unit washer and dryer, stainless steel appliances, and flat screen TVs. The community features Wi-Fi throughout the building, a fitness center, game room, and café. ONLY CLASS A STUDENT HOUSING PROPERTY IN THE MARKET Recently constructed to institutional quality standards, the highly amenitized Hudson Lofts offers an unmatched living experience that is the only true Class A student housing property in the Penn State Behrend housing market. VALUE ADD OPPORTUNITY - THROUGH UTILITY RECOVERY AND LAKE/SCENIC VIEW PREMIUMS Currently, cable, internet, and utilities are all included in the rent at Hudson Lofts. A buyer can take advantage of the opportunity to bill tenants for utilities (the units are already individually metered for electric), add optional upgraded cable & internet packages, charge premiums for select units which have lake and scenic views, etc, given that the Property has been 100% leased since it opened for occupancy in 2015. APARTMENT AMENITIES CABLE, INTERNET & UTILITIES ALL INCLUDED IN RENT FLAT SCREEN TVS GRANITE COUNTERTOPS HARDWOOD STYLE FLOORING INDIVIDUAL, INCLUSIVE RENTS LAKE & SCENIC VIEWS IN SELECT UNITS MODERN FURNITURE STAINLESS STEEL APPLIANCES IN-UNIT WASHER & DRYER WOOD BLINDS PG 4
COMMUNITY FEATURES CAFE CONCIERGE FITNESS CLUB GAME ROOM INDOOR BIKE STORAGE ROOM EQUIPPED WITH MODERN, ADVANCED TECHNOLOGY Hudson Lofts is equipped with an Onity key fob system which enables residents to utilize all entrances, and is uniquely programmed to only access their apartment and bedroom door. This enables the Property to operate as a completely keyless facility for residents. Additionally, a Butterfly MX system was recently installed which will allow guests to call a resident from the front door and enable residents to allow access or provide a guest pass via their smart phone. Furthermore, the Property is fitted with 48 cameras and a Fiber Optic system which enables complete building Wi-Fi and networked internet. LOCATED WITHIN WALKING DISTANCE TO PSU BEHREND CLASSES Hudson Lofts is conveniently located approximately one mile from Penn State Behrend classrooms. Residents can opt to walk or ride the Penn State Behrend Campus Shuttle which provides free shuttle service for students. The bus stops at Hudson Lofts approximately every twenty minutes between 7:40 a.m. and 7:00 p.m. each day. KEY FOB ACCESS OUTDOOR GRILL & PICNIC AREAS UNIVERSITY BUS ROUTE WIFI THROUGHOUT BUILDING ONSITE MANAGEMENT 24/7 ON-CALL MAINTENANCE PG 5
CONTACT ATLANTA AUSTIN BOSTON CAROLINAS CHICAGO DALLAS DENVER HOUSTON INDIANAPOLIS LAS VEGAS LOS ANGELES MIAMI NEW JERSEY NEW YORK CITY ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX PITTSBURGH PORTLAND SAN DIEGO SAN FRANCISCO TAMPA WASHINGTON D.C. LONDON NICK MATT Senior Managing Director 412.281.8714 x2052 nmatt@hfflp.com TOM RIECK Senior Associate 412.281.8714 x2041 trieck@hfflp.com ALEX GLISAN Real Estate Analyst 412.281.8714 x2056 aglisan@hfflp.com HFF PITTSBURGH One Oxford Centre 301 Grant Street Suite 1100 Pittsburgh, PA 15219 412.281.8714 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.