The Heights at Slippery Rock is a 400-Bed student housing asset located near a consistent enrollment base, Slippery Rock University. The property was built in 2007, has been well maintained, and boast an extensive amenity package – including tanning beds, fitness center, clubhouse/game room, computer room, basketball court, & more.
The unit mix consist of 4-bedrooms with bed-bath-parity. They are fully furnished with hardwood flooring & in-unit laundry, walk-in closets in select units.
The Heights is just 75% occupied versus the competitive set at 93% occupancy. This with rents at $1.34/SF compared to the market average of $1.49/SF. There is significant operational upside in bringing in professional, student-experienced property management and raising occupancy to market levels. The capital improvement program can be largely cosmetic with a focus on management and on-site operations. The Heights is offered free and clear of existing debt.
Slippery Rock University
Slippery Rock University of Pennsylvania is a public university in Slippery Rock, Pennsylvania; the university has an enrollment of nearly 8,500 students that sits in a quaint town of about 3,500 residents. SRU is less than an hour’s drive north of Pittsburgh, one hour south of Erie, and 45 minutes to the east of Youngstown, Ohio; two major interstate highways, I-79 and I-80, intersect near the university, making campus easily accessible. Three quarters of SRU’s student population are from western Pennsylvania, with the largest percentage of students hailing from Pittsburgh and other towns within Allegheny County.