I-80 Corridor Apartment Portfolio
40 Units + 24 Garages | Rents 20% Below Market
Marketing description
The Investment Sales Team of Avison Young is pleased to present qualified investors with the opportunity to acquire the I-80 Corridor Apartment Portfolio (“Portfolio”). This two-property Portfolio consists of 40 total apartment units: 24 units at Bloomsburg Court in Bloomsburg, PA, and 16 units at Mifflin Court in Mifflinburg, PA.
Constructed between 1999 and 2001 by the Yoder Group and professionally managed since, the properties have been meticulously maintained, resulting in a 97.5% overall occupancy rate. Both properties benefit from strong rental histories, supported by an older demographic and proximity to premier universities and major employers. Notably, Mifflin Court maintains a waiting list for first-floor units.
The Portfolio offers a compelling value-add opportunity through rental rate growth, driven by strong rental demand and low tenant turnover. Current in-place rents are approximately 17% below market at Bloomsburg Court and 22% below market at Mifflin Court. The Portfolio also includes 16 garages at Bloomsburg Court and eight garages at Mifflin Court. The Bloomsburg Court garages currently do not generate additional revenue.
Each unit includes washer/dryer hookups (tenants provide their own units), and feature a refrigerator, dishwasher, garbage disposal, and electric stove. Both properties have separately metered gas and electric services, paid by tenants, while water, sewer, and trash services are covered by the landlord.
Investment highlights
Scale of the Portfolio - The I-80 Corridor Apartment Portfolio consists of 40 apartment units and 24 garages across two well-maintained properties located at the convergence of I-80 and Route 15. Built between 1999 and 2001 and professionally managed, the portfolio offers operational efficiency, stable occupancy, and durable rental demand supported by nearby universities and regional employers.
Value-add Potential - In-place rents at Bloomsburg Court and Mifflin Court are currently 17% and 22% below market, respectively. With most units already updated to a standard competitive with the market, this upside can be captured with minimal additional capital investment. Additionally, Bloomsburg Court currently does not charge a premium for units with garages, representing a value-add opportunity of roughly $75 per month per garage, which is already charged for garages at Mifflin Court.
Unit Mix & Tenant Demand - The I-80 Corridor Apartment Portfolio is 97.5% leased and has historically experienced low tenant turnover, with immediate demand for available units. This stability is largely driven by the area’s core renter base, made up of medical and education professionals, workforce employees, and older adults downsizing from single-family homes. The portfolio’s mix of one- and two-bedroom units aligns closely with this demographic, supporting strong occupancy, reduced turnover, and durable long-term demand. Garden-style layouts and the availability of balconies, porches, and garages further enhance the properties’ appeal and differentiate them from nearby student-oriented housing.
Accessibility & Locations - Both Bloomsburg Court and Mifflin Court benefit from convenient access to I-80 and Route 15, as well as proximity to prominent universities, namely Bloomsburg University and Bucknell University. This accessibility, combined with nearby major employers and healthcare networks, continues to drive strong demand for apartments in the area.
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