RRA SELLS 253 BED STUDENT HOUSING PORTFOLIO NEAR TEMPLE UNIVERSITY IN PHILADELPHIA FOR $23.7 MILLION
PHILADELPHIA, PA–(2/12/20) – Rittenhouse Realty Advisors is pleased to announce the sale of a large student housing portfolio near Temple University in North Philadelphia consisting of
9 properties containing 92 apartments (253 beds).
All of the properties in the portfolio were constructed within the last five years with the majority of the units containing at least two bedrooms, many with three bedrooms. Most units are leased fully furnished and occupancy was at 100% for the 2019-2020 school year. The portfolio is very transit friendly, and is accessible to bus, subway, trolley and regional rail lines.
Ken Wellar, Managing Partner at RRA, stated: “We were able to successfully market this property to our network of New York buyers. This portfolio is this particular buyer’s first transaction in Philadelphia.”
Corey Lonberger, Managing Partner at RRA, added: “Our ability to expose properties to a wider base of potential buyers nets higher sales prices for our clients.”
With 17 schools and colleges and nine campuses, Temple University has a total student enrollment of over 38,000 students. 81% of Temple students live off campus.
“Investor demand for Philadelphia student housing has been extreme due to the large number of outstanding universities in our area,” noted Mark Duszak, Director at RRA.
View available listings here.