CINCINNATI, Ohio (August 12, 2025) –
Franklin Street, a fully integrated national commercial real estate services firm headquartered in Tampa, Florida, announced it has successfully brokered the sale of The Villas at Happy Valley, a student housing asset in State College, Pennsylvania for $30 million. Franklin Street’s institutional Student Housing team represented the seller, Keystone Real Estate Group, LP, in the transaction. The property was purchased by Reliant Group Management.
“The Villas at Happy Valley represents a premier opportunity in one of the strongest student housing markets in the country,” Joel Dumes, regional managing director, Student Housing, for Franklin Street, said. “With its proximity to Penn State and potential for value-add through amenity and interior upgrades, this property drew significant investor interest. We’re proud to have represented the seller in a successful transaction and are confident the new ownership will elevate the property to its full potential.”
The Villas at Happy Valley is located at 1335 Dreibelbis Street in State College and has 145 units and 435 beds. Originally built in 2013, the Property was 93% occupied at the time of sale. The new owner plans to do a full renovation to the clubhouse and fitness center as well as interior unit renovations. Existing property amenities include a pool, fitness center, study room, game tables, sand volleyball court, outdoor grills, fire pit, and the CATA bus service. Local demand for housing and macroeconomic factors impacting commercial real estate were drivers of the deal.
“State College continues to see strong demand drivers, with Penn State growing enrollment and a housing shortage that’s only expected to widen,” Patrick Mullowney, senior director, student housing, for Franklin Street, said. “In this environment, value-add student housing presents a unique opportunity for investors to enhance yield through renovations while capturing upside from a market with stable occupancy and rent growth. The Villas at Happy Valley is well-positioned for that kind of strategy.”
Franklin Street added its institutional Student Housing vertical in October 2024 as part of its strategic growth initiative. The seven-person Student Housing team is based in Cincinnati and operates nationwide. The transaction was completed by Franklin Street in association with Scott Reid and Parasell, Inc. a licensed Pennsylvania broker #RB069068.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
