NEW BRUNSWICK, NJ—McKinney Properties, the Pittsburgh-based company that recently purchased the city's only downtown dormitory, is aggressively renting out the building for the next school year.
Previously, Rutgers University filled the building with its students through a housing lottery, under the building's developer and original owner.
The New Brunswick Development Corporation, known as "DEVCO," sold the 674-bed building to McKinney in February 2013 for $44.1 million, as we reported.
Now, as students scramble to find housing for the next school year, prospective tenants can bypass the university's housing lottery and secure a space in Rockoff, once considered among the best dormitories at Rutgers.
The building will continue to be marketed primarily towards the city's large student population, but units will now be available to anyone who can afford them, regardless of their affiliation with the university.
Rents would vary from $699/month for a space in shared bedroom, part of a 2-bedroom, 4-person unit, up to $939/month for a single bedroom in a 3-bedroom, 3-person unit.
But one of the advantages of living on a "by the bed" basis is that residents will only be responsible for their share of the rent, and won't be stuck footing the bill for deadbeats.
Additionally, residents won't have to worry about paying separate bills for utilities, cable television, or internet access. McKinney Properties says that their rental model is "all-inclusive."
McKinney says there will be no additional charge for included furniture, security, television and internet service, and access to resident perks, such as a residents-only exercise room.
According to an article in the Star-Ledger, the building's new owners spent more than $1 million upgrading the building, installing dishwashers in each unit, as well as adding student lounges and a computer room with printers.
The building would be leased by the bed, in the same manner a dorm is, and roommate matching services will be available.
This is an off-campus rental model that McKinney asserts to be a nationwide standard, but a first at Rutgers University. The cost of rental per bed would be less than the amount students would pay through the University, according to the company.
The fitness center, which will continue to be reserved for Rockoff residents, is going to be renovated in the upcoming months.
Also, Coldstone, a business on the ground floor, will close, and be replaced with a deluxe lounge for Rockoff tenants.
McKinney Properties does not expect rents for businesses on the ground floor to change in the near future, and the other current businesses will likely stay put.