RRA Sells 39 Unit / 114 Bedroom Student Housing Property Near Drexel University for $11,750,000
PHILADELPHIA, PA–(August 9, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of the Spring Hamilton Apartments, located at 3836-50 Spring Garden Street and 3835-37 Hamilton Street in Philadelphia, Pennsylvania. The newly constructed student housing property contains 39 units and 114 bedrooms.
“The buyer is out of Denver, CO and is a new buyer to this market. They believe in the long-term growth of Drexel University and the expansion of the growth of University City. The seller was University Realty, a group that has been developing student housing in the Drexel market for the last four years,” stated Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
The property has an excellent unit mix and bed/bath parity, with 95% of the units having three bedrooms and three bathrooms. Each unit has upgraded finishes, including granite countertops and stainless steel appliances. The property also features ample bicycle storage, on-site laundry facilities, a fitness room, a study room, a video camera system and sprinklered fire system, as well as 14 onsite parking spaces. The property has had high occupancy since it was constructed. RRA Director, Mark Duszak, noted: “This newly constructed student housing opportunity was extremely desirable because of its outstanding unit mix, high-end finishes, and high occupancy.”
The University City/ Powelton Village neighborhoods are home to world class educational facilities and hospitals, including Drexel University, University of Pennsylvania and the Hospital of University of Pennsylvania (Penn Medicine), and Children’s Hospital of Philadelphia (CHOP). This property offers a strategic location right next to the Lancaster Avenue Corridor where many new projects are underway that will connect to Drexel University’s 12 acre region-altering Innovation Neighborhood.
Corey Lonberger, Managing Partner at RRA, summarized the sale: “RRA’s unique marketing process exposed the property to both local and national buyers. At the end of the day we were able to achieve a price of over $300,000 per unit which was a win-win for both the buyer and seller. This sale set a new high for price per unit in that marketplace.”