RRA SELLS 272 BEDS/ 106 UNITS NEAR UPENN, DREXEL & TEMPLE UNIVERSITIES TOTALING $30+ MILLION
Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the recent sales of five student housing properties in Philadelphia. The firm organized the sales of the following properties: 4258-60 Chestnut Street (45 Units, 128 Beds), a purpose-built, newly constructed property close to the University of Pennsylvania, 4236 & 4238 Chestnut Street (12 Units, 15 Beds) a value-add opportunity near UPenn, 3927, 3929 & 3931 Pine Street (45 Bedrooms) a value-add JV sale near UPenn, 125-129 & 133-135 South 46th Street (19 Units, 44 Beds) a newly constructed property in an Opportunity Zone near Drexel University, and Sydenham Commons (27 Units, 45 Bedrooms), a value-add deal located at 1706 N. Sydenham Street, one block from Temple University.
The global COVID-19 pandemic has forced universities to pivot numerous times over the fall semester, with some starting the year virtually, while others attempted to hold classes in-person, then shifted to distance learning or a combination of the two. Despite these challenges, the occupancy rates of off-campus student housing apartments have remained remarkably high. The apartment markets surrounding the University of Pennsylvania, Drexel University, University of the Sciences, and Temple University have remained desirable to investors given the solidity of these institutions and the continued desire students have to live near campus, despite the fact that classes are temporarily on-line.
Ken Wellar, Managing Partner at RRA, stated: “We were able to close on five different student housing deals during COVID-19 when the universities were all virtual. Even though no physical classes are being held, students still want to live close to campus. Our firm was able to close on both stabilized and value-add student housing deals in one of the most uncertain times in student housing history.”
Mark Duszak Director at RRA, added: “These sales demonstrate how RRA’s unique marketing process continues to maximize value for our clients in today’s extraordinary times.”