RRA Sells 116 Beds in Temple University Student Housing Portfolio Valued at $6,950,000
PHILADELPHIA, PA, December 18, 2013 – Rittenhouse Realty Advisors is pleased to announce the sale of a 116 bed student housing portfolio near Temple University in Philadelphia. The recently constructed buildings feature a great mix of one, two, three, four and five bedroom apartments. The units, which sold for $60,000 per bed, have modern amenities not typically offered in student housing, including: spacious living areas, granite counter tops, state-of-the-art appliances, hardwood ﬂoors, washers and dryers, and full security systems.
Due to the excellent condition of the properties and their convenient location near Temple University’s campus, they have had 100% occupancy since inception. The seller is a local developer with an excellent reputation for providing superior product and the buyer is a regional owner out of Boston. “The new owner plans to take advantage of an excellent return on a historically well performing asset,” said Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
Developers and long-term investors continue to capitalize on the growing Temple University student housing market. “As Philadelphia pushes to make greater ties between Center City and the Universities, student housing will continue to be a desirable market for new and experienced investors,” stated David Greenhalgh, Associate at Rittenhouse Realty Advisors.
“Student housing has really become a niche market for RRA. We’ve had numerous student housing transactions in the Mid-Atlantic region over the past year,” noted Corey Lonberger, Managing Partner of Rittenhouse Realty Advisors.
Read the full article at Market Wired.