AUSTIN, Texas, Feb. 24, 2011 /PRNewswire/ -- Gross & Cohen, a real estate investment firm, today announced that it has added a new property to its investment portfolio and completed a successful project sale, heightening its presence in the student housing sector.
Gross & Cohen, most prominent at Notre Dame and Purdue universities, adds two more transactions to its student housing track record: Campus View Apartments, Johnstown, N.Y. and Station House Annex, University of Louisville, Ky.
In 2007, Gross & Cohen entered the New York market and purchased Campus View Apartments in Johnstown, a distressed student facility located adjacent to Fulton-Montgomery Community College. After three years, major renovations and a resurrected relationship with the college, the property was sold to the college's nonprofit foundation. From start to finish the venture was a collaboration between the public and private sectors providing benefits to the student residents and significant returns for Gross & Cohen's investors.
Station House Annex, located blocks away from Gross & Cohen's existing 179-bed complex, Station House Square Apartments, was acquired before going into foreclosure. Gross & Cohen and a private equity partner purchased both Louisville student housing complexes, now operated and managed as a combined venture.
"We are excited for both of these recent accomplishments and the growth it signifies for the company and investors involved," said Michael Cohen, President of Gross & Cohen. "Campus View in particular did not only result in project profits, but also reestablished a crucial relationship with the college which had deteriorated under previous ownership.
"As we continue to expand Gross & Cohen's assets and student housing expertise to other college markets, we aim to bring the same successful track record of relationship and equity building," said Cohen.
About Gross & Cohen
Gross & Cohen is a Boston-based real estate investment firm focused on the acquisition, development and sale of off-campus student housing communities across the country as well as local multi-family and condominium conversion projects. Gross & Cohen's deep-seeded understanding of the industry and sound business experience drive a thorough analysis of markets, financial underwriting and due diligence and result in selective high-performing acquisitions that fit their niche investment criteria. The firm identifies significant value-add opportunities in almost all projects and executes the necessary improvements to deliver a high-quality, high-performing asset. Post-acquisition, Gross & Cohen provides hands-on construction and asset management to ensure the implementation of successful renovations, marketing, leasing and operation of the portfolio. For more information visit: http://www.grossandcohenrei.com.
SOURCE Gross & Cohen