RRA Sells 72 Unit (160 Beds) Modular Construction Student Housing Near Temple University for $11.78 Million
PHILADELPHIA, PA–(7/13/17) – Rittenhouse Realty Advisors is pleased to announce the sale of the The Modules at TempleTown, a 72 unit, 160 bed student apartment building near Temple University. The property was sold as an entity sale. Located at 1417 N. 15th Street, The Modules at TempleTown was constructed in 2010 and achieved LEED Gold Certification. It was built using modular construction, which reduces the amount of construction waste that ends up in landfills. Ken Wellar, Managing Partner at RRA, stated: “The Modules is one of the first purpose built modular construction apartment buildings to be constructed and sold in Philadelphia.”
The Modules, developed and constructed by Equinox Management and Construction under the direction of company president Jonathan Weiss, consists of a mixture of 2 and 3-bedroom units, 58% of which are offered furnished. The building has 42 controlled access underground parking spots, but is also close to public transportation for students who do not have a car. The building also offers state of the art security, coin operated laundry, as well as a large green meadow roof with city skyline views for tenants to enjoy.
“Temple University’s growth is obvious, evidenced by the many new construction and renovation projects around the Philadelphia campus. The sale of this asset exemplifies the private capital market capitalizing on Temple’s growth as well as the students who want to live off-campus along the Broad Street corridor,” said Mark Duszak, Director at RRA.
Corey Lonberger, Managing Partner, added: “RRA’s ability to bring new buyers to the Philadelphia MSA is unparalleled when compared to our competitors. The buyer here, an investment group out of New York City led by Kameron Zitelli, came directly from our expansive networking efforts throughout the Northeast Region.”