Jonathan Holt

Outlook Apartments is a turnkey development opportunity serving both Ithaca College and Cornell University in Ithaca, NY.​ The opportunity is shovel ready for an investor with all plans and approvals in place.​ Located ¼ mile from Ithaca College and less than 1 mile from the downtown core, Outlook Apartments is a one of a kind development.​ The community will feature 66 units and 153 beds in studio, one, two, and three bedroom configurations.​ Built into a hillside, Outlook will also offer an indoor rooftop lounge, skyline rooftop terrace, fitness room, media/game room, and sauna among many other Class A amenities.​ Each unit will feature fully furnished apartments, stainless steel appliances, quartz counter tops, in-unit washer, and luxury vinyl plank flooring in the common areas.​

Ithaca College enrolled 6,300 students for Fall 2019 with Cornell University enrolling an additional 24,000 students. ​ US News & World Report ranks Ithaca College as the #8 Best University in the North and #13 for Best Value. Cornell University is considered one of the premier universities in the world and is among the eight Ivy League institutions in the US.

Ivy Ridge

Ivy Ridge is a 42 unit and 108 bed townhouse style community serving Cornell University and Ithaca College. The community features spacious two, three, and four-bedroom units with large open floorplans, granite countertops, plank-style flooring, and fully furnished units. Located adjacent to the Cornell University campus and the main East Campus Gateway, Ivy Ridge is one of the best located communities in the market. In addition to the irreplaceable location, Ivy Ridge is the newest student housing community delivering Fall 2019.

Ivy Ridge offers future ownership the ability to greatly increase rents. Currently, Ivy Ridge averages approximately $200 per bed below their competitive set across all floor plans. There is further ability to increase other income through charging for parking which is common in the market. At $50 per parking space, Ivy Ridge can generate an additional $42,000 in annual income.

Phase II

Offered with Ivy Ridge is an additional 3.16 acres that are fully entitled for 47 units and 104 beds in a mix of one, two, and three-bedroom units of both flat and townhouse style units. These additional units will allow an investor the ability to further reduce costs for economies of scale while bringing the total bed count to 212 beds across both phases. Currently, the city of Dryden is putting forth a motion to be voted on by the city council in September that will reduce density on future development sites making Ivy Ridge Phase II one of the last developments that will achieve this density
and greatly limiting future development in the city.