PHILADELPHIA, PA — GREA’s Student Housing Group has announced the sale of two prominent student housing communities in Upstate New York. The properties—Block 20 Buffalo in Amherst and The Hill at Rochester in Rochester—were acquired by New York-based BDC Holdings, Inc. (The BDC Group) from Chicago-based OC Ventures, a private equity fund focused on student housing.
Block 20 Buffalo consists of 192 units and 640 beds and is located just a half mile from the University at Buffalo North Campus, which has maintained an enrollment of more than 30,000 students for six consecutive years. The gated community offers a range of amenities, including a pool with a clubhouse, fitness center, sports courts, lounges, a computer lab, package services, and a campus shuttle. The units are fully furnished, featuring two- and four-bedroom layouts with private bathrooms for each bedroom.
The Hill at Rochester, redeveloped in 2019, comprises 182 units and 358 beds. Situated five miles from the University of Rochester and a mile from Rochester Institute of Technology, the property caters to a combined student population exceeding 16,000. It provides modern amenities such as a fitness center, pool, student lounges, sports courts, a clubhouse, and a computer lab, as well as a shuttle service to nearby campuses. Floor plans range from one to four bedrooms, all designed with bed-to-bath parity.
According to Ken Wellar, Founding Partner at GREA, “We were able to secure a regional New York family office who is newer to the student housing space. Our team was able to work through a turbulent market to get to a closing. Both markets were strong and the buyer believed in the enrollment growth and saw upside in the rental growth.”
BDC Holdings CEO Cosmo D. Marfione, P.E., emphasized the company’s commitment to quality and innovation, stating, “This acquisition marks a pivotal step forward for The BDC Group in the student housing sector, and it was a pleasure working with GREA’s Student Housing Group to finalize the deal on behalf of their client. We look forward to enhancing the student-living experience at The Hill and Block 20 through quality, comfort, programming, and innovation, all of which are hallmarks of BDC properties.”
These transactions underscore the continued demand for well-positioned student housing in high-enrollment markets with limited new development.
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