Pierce Education Properties Acquires The Bryn And Tremont Student Living In State College For $74.3M

Pierce Education Properties has purchased The Bryn and Tremont Student Living, two neighboring apartment properties in State College, Pennsylvania. The properties, located at 201 Vairo Blvd. and 601 Vairo Blvd., were acquired from affiliates of Saban Real Estate of Los Angeles for a total of $74.3 million. The combined capacity of the properties is nearly 1,400 beds, with a total of 408 units. The purchase price per unit was $182,108.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $74,300,000
• Units: 408
• Price Per Unit: $182,108

Pierce Education Properties, represented by Frederick W. Pierce IV, was the buyer in this transaction. Saban Real Estate acted as the seller. The deal closed on November 27, 2023.