RRA Sells 25 Unit/ 74 Bed Student Housing Property In University City, Philadelphia For $5,450,000
PHILADELPHIA, PA–(5/22/18) – Rittenhouse Realty Advisors is pleased to announce the sale of The Alexandria Apartments in the University City neighborhood of Philadelphia. The property, located at 516 S. 42nd Street, directly across from the University of the Sciences, consists of 25 apartments totaling 74 bedrooms. The units feature spacious bedrooms, hardwood flooring, and tenants have access to on-site laundry facilities.
“University City continues to be one of the hottest markets in Philadelphia,” said Ken Wellar, Managing Partner at RRA. “We were able to secure a first-time buyer from the New York market, due to our unique marketing process.”
Residents of The Alexandria enjoy close proximity to world-class schools and employers such as University of Pennsylvania, Drexel University, and Children’s Hospital of Pennsylvania, Clark Park, which hosts regular farmers markets and festivals, and the trolley to Center City, Philadelphia.
Corey Lonberger, Managing Partner at RRA, noted: “The demand from outside buyers for University City continues to grow. It is one of the most active neighborhoods in terms of new development and re-development in the Philadelphia MSA. The Alexandria presented a great value- add opportunity for the buyer to capitalize on the current momentum of development in the neighborhood.”
According to a recent Campus Philly survey, 67% of current college students at Philadelphia universities would like to stay in the city after graduation, which is up almost 10% from a 2010 survey. Mark Duszak, Director at RRA, stated: “Philadelphia is home to some of the best universities in the country. Recent graduates are choosing to live and work in Philadelphia after graduation, which is adding fuel to the tremendous growth in the real estate market.”