Land For Sale

Overview

Highlights

• Land with approved LDP for 146 townhomes plus commercial space
• Very strong multi-family market continuing solid rental growth.
• Property is located 4.5 miles from Beaver Stadium
• Located 5 miles from PSU Main Campus with 50,000 students
• State College, PA is located 90 miles Northwest of Harrisburg, PA

Description

The property consists of 15.70 acres with an approved Land Development Plan for 146 residential town homes and approximately 60,000 SF of commercial space, known as the Cascade. The property sits at the end of High Tech Road, which intersects with the State College Regional Airport.

This site is located just north of downtown State College, home to Pennsylvania State University's main campus known as University Park, boasting nearly 50,000 students (US News, 2023). The property offers close proximity to Beaver Stadium, which has a seating capacity of 106,000+ making it the 2nd largest stadium in the Western Hemisphere. Beaver Stadium is the home to the PSU Nittany Lions Football team and is a venue for select music concerts.

The State College multi-family market has a low vacancy rate of 2.2% as of the end of Quarter 4, 2024. The twelve month growth in asking rent is 2.4%. The multi-family market covers approximately 4,900 units with no substantial current construction scheduled.

Location

State College, Pennsylvania is located in Central PA, 90 miles northwest of Harrisburg, PA. The town is home to the main campus of Pennsylvania State, one of the ten largest public universities in the United States. The university is also the area's largest employer. Additional industries include health care, retail, hospitality services, construction and government.

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