— Tier 1 / Power 4 / R1 University with Record Breaking Enrollment
• Flagship public university supporting 29,000 total students and 20,000 undergraduates.
• Sustained Application Growth – Over 60,000 applications received in Fall 2024, marking the third consecutive record-breaking year and a 90% increase since 2019.
• Highly Selective Admissions – Despite rising applications, the acceptance rate has only increased by 2.5%, demonstrating strong demand and exclusivity
• Top-Tier Academic Institution – Ranked #32 among public universities in the 2024 U.S. News & World Report, further solidifying its reputation and desirability.

— Future Cash Flow Visibility: 60% Master Lease with Outsized Rent Growth
• University Master Lease in Place – The University of Pittsburgh leases 60% of beds through August 2029 and has expressed interest in expanding to 100%
• Strong Rent Growth & Built-In Escalators – Contracted rent increases of 5.0% in AY 26-27, 4.5% in AY 27-28, and 4.0% in AY 28-29 ensure long-term NOI growth.

— Supply Constraints & Limited New Competition
• Limited New Supply Pipeline – No new purpose-built student housing developments are currently under construction on or off campus, ensuring stable occupancy and pricing power.
• Higher Barriers to Entry – The strong demand for student housing, combined with the challenges of entitling new projects, underscores the market’s resilience and competitiveness.

— Irreplaceable Location
• Proximity to Campus – A three-block walk to the academic core and less than a tenth of a mile to the University of Pittsburgh Medical Center (UPMC).
• Unrivaled Walkability – Close to restaurants, shopping, and nightlife, with Pitt’s most popular college bars, Hemingway’s and Gene’s, just a quarter-mile away.

— 10-Year Tax Abatement Supporting Strong Cashflow Profile
• Pittsburgh’s Local Economic Stimulus (“LES”) program – The Bridge on Forbes benefits from a 10-year tax abatement under the LES program, significantly reducing propertyy tax expenses.
• Remaining Tax Benefits – With the Property currently in Year 6 (2025), 80% of the added improvement value remains abated, providing ongoing tax savings.

— Premium Student Living Amenities
• Each fully furnished unit features quartz countertops, stainless-steel appliances, hardwood-style flooring, a 50-inch smart TV, in-unit washer & dryer, and free high-speed internet & cable.
• Residents enjoy resort-style community amenities, including a 24-hour fitness center with Peloton bikes, private study lounges, an expansive outdoor courtyard with fire pits and grilling stations, secure covered parking, and controlled access with keyless entry.​​​​