Auden Ithaca Cornell University
We partnered with an experienced national student housing developer to execute on its long-term investment in a recently upgraded, stabilized student housing asset.
Scenario
EastAlliance partnered with DMG Investments, an experienced NYC-based national student housing developer, to recast its original value-add investment made in 2019. This proven operator's experience with the asset, attractive first mortgage debt, the Property's adjacency to one of the world's most prestigious universities, and the creative equity structure enabled our ability to participate in this opportunity.
Asset
Originally constructed in 1988, and renovated in 2019, this property consists of 2- and 4-story multi-family student-oriented apartment buildings totaling 76,323 SF. This 94-unit/279-bed asset serves the students at nearby Cornell University, an Ivy League institution and one of the most prestigious universities in the US. Located near campus, Auden Ithaca is one of the best located purpose-built student housing complexes within the Ithaca market. Due to its proximity to campus, students can enjoy the convenience of walking to all campus facilities, as well as a variety of nearby restaurants and retail options.
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