Asset type	Operational
Location	New York
Capacity	127 units
Seller	Columbia University
Buyer	Fetner Properties, PGIM
Value	US$65 million

Project visualisation

Source: Columbia University

Columbia University remains temporarily in place as a tenant under a sale-leaseback arrangement, keeping students housed for now. The lease terms were not disclosed.

The assets offers apartments featuring in-unit washers and dryers. Residents also have access to amenities including a gym, playroom, bike storage, on-site parking, and a rooftop deck - plus a shuttle service linking them to Columbia’s Morningside campus.

To structure the deal, Fetner and PGIM secured $47.6 million in acquisition financing and bridge funding. The capital will be used to upgrade and stabilize the nine-story building, which currently holds 126 student units.

Strategic context

Columbia originally purchased the building in 2008 from L+M Development Partners for $67.6 million, when it was initially envisioned as condominium housing.

The transaction was brokered by Newmark.