Investors and developers have taken a liking to student housing projects, which continue to be in demand these days as other property sectors, such as office and retail, slowly recover. A recent sale around Temple University underscores investor interest.
Sydenham Commons, a 27-unit, 90-bed student housing property at 1718 N. Sydenham St. in Philadelphia, traded for $5.85 million, or $216,667 a unit and $65,000 per bed. The property was constructed in 2006. It has been fully occupied since it was built.
The seller was Sydenham Commons and the buyer is local but the name is undisclosed. The property attracted lots of bidders and Ken Wellar and Corey Lonberger arranged the transaction.
Read the full article by Natalie Kostelni, Reporter for the Philadelphia Business Journal