Connecticut | Aussie outfit buying up hundreds of units
An international real-estate giant is poised to become the dominant landlord for students living near the University of Connecticut in Storrs after purchasing 15 apartment complexes in the area.
The ING Real Estate Community Living Fund, part of the Australian branch of the ING insurance company, was expected to complete today the purchase of 20 off-campus apartment complexes in the United States, including 18 in Connecticut, for $110 million.
According to a report prepared Monday for the company, ING is moving into the student housing market because it offers “captive demand and limitations to supply.” In other words, with college enrollment growing, on-campus housing stocks are being squeezed to their limit.