University City Student Housing Portfolio
4012 Baring Street Philadelphia, PA 19104
- Property TypeStudent Housing
- NeighborhoodUniversity City
- Number of Units77
- Lot Size0.9 acres
- Year Built1920/2016
This portfolio is offered unpriced.
- “Best-in-Class” Student Housing
- Outstanding University City Location – Drexel University
- 2016/2017 Construction with 10-Year Real Estate Tax Abatement
- Open Floor Plans, Beautiful Kitchens, and Baths with In-Unit Washer and Dryers
- World Class Universities & Medical Facilities: Drexel University, University of Pennsylvania, University of the Sciences, Penn Medicine and the Children’s Hospital of Philadelphia (CHOP)
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the “Best-in-Class”, Off-Campus Student Housing Portfolio near Drexel University (“Portfolio”), a rare opportunity to acquire the “Best-in-Class” student housing residences in the heart of Philadelphia’s vibrant University City neighborhood. This highly-sought-after area is home to some of the best educational facilities and hospitals in the world – Drexel University, University of Pennsylvania, University of the Sciences, Hospital of University of Pennsylvania (Penn Medicine), and Children’s Hospital of Philadelphia (CHOP). The Portfolio is comprised of three student-furnished buildings with 77 units and 235 bedrooms near Drexel University.
- Good Food Flats: 2017 Construction, 44 Furnished Units, and 176 Bedrooms
- The Legacy at Powelton Village: 2016 “Gut Renovation”, 30 Furnished Units and 50 Bedrooms
- 4027 Baring Street: 2017 “Gut Renovation”, 3 Furnished Units and 9 Bedrooms
Current ownership built Good Food Flats (176 bedrooms) in 2017, completely “gut renovated” The Legacy at Powelton Village (50 bedrooms) in 2016, and completely “gut renovated” 4027 Baring Street (9 bedrooms directly across the street from Good Food Flats) in 2017. Good Food Flats and 4027 Baring Street are in their first full school year of operation and The Legacy at Powelton Village is in its second full school year of operation following the complete “gut renovation”.
The Portfolio contains 77 furnished apartments (235 bedrooms): 26% one-bedroom units, 17% three-bedroom/two-bath units and 57% four-bedroom/two-bath units. Each unit offers open floor plans, beautiful kitchens, and baths with in-unit washer and dryers. In addition, all units have individually controlled heat and air-conditioning. Good Food Flats offers outstanding community amenities that include 24/7 fitness center, internet café with individual study pods, community lounge, demonstration kitchen, BBQ areas, bike storage and more.
The Portfolio is 95% leased for the 2017-2018 School Year. Average in-place rents per unit are $2,554 and average-place rents per bedroom is $837 (ownership leases units per bedroom). With 74% of the units comprised of three- and four-bedroom units, a “by-the-bed” marketing strategy has proven successful.
This offering presents an outstanding opportunity to acquire the “Best-in-Class” off-campus student housing portfolio with critical mass in University City.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
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