This asset was acquired by a global real estate operator as part of its overall strategy to grow its portfolio of student housing assets in select markets within the US. In order to support the execution of this operator’s broader investment strategy, EastAlliance structured a flexible solution secured by an interest in this well performing & located core asset.
The 140,170 square feet Twin River Commons was constructed in 2012 and features 127 units and 371 beds. It is comprised of a mix of one, two, three and four bedroom, fully-furnished floor plans with private bathrooms primarily serving the students of SUNY Binghamton. The well-appointed apartments include modern finishes, stainless steel appliances, breakfast bar, full-size washer/dryer, and built-in closets. Community amenities include a clubhouse, game room, TV lounge, fireplace lounge, fitness center, café, waffle bar, computer center, study lounges, WiFi in common areas, courtyard with BBQ grills, and bike racks. The property is a participant in the Payment in Lieu of Taxes (PILOT) program, which provides 20 year tax abatement program on real estate taxes for owners who rehabilitate or construct a development in a designated market. This particular building's abatement period expires in 2032.