Lender-owned asset.Pricing expectations significantly below replacement cost.Broad Street Commons can be purchased at a high yield that is not usually seen for assets directly adjacent to campus.Considerable revenue upside through occupancy stabilization.As the asset is only 78% occupied, a new owner has a tremendous opportunity for NOI creation through lease-up. ? By stabilizing the asset at 90% occupancy, NOI can be increased by 40+%.Directly adjacent to campus, it is the only purpose-built community pedestrian to campus.Broad Street Commons’ current average per bed monthly rent is $332 (35%) less than the average monthly cost for on-campus housing alternatives. This arbitrage creates a serious opportunity for a new owner to increase rent.No future student housing development planned in the market.No future developments in the on-campus or off-campus pipelines. ? The lack of future supply will help ease the asset into stabilization and allow continued rent growth.SUNY Excelsior Scholarship offers free tuition to qualifying New York residents.The scholarship program recently increased its household income requirement from $100,000 to $125,000 in 2019. This State initiative drives middle-class students to SUNY, increasing enrollment and