- For sale
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.
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.