RRA SELLS STUDENT HOUSING TOTALING 199 BEDS/ 88 UNITS FOR $20 MILLION IN THE UNIVERSITY CITY NEIGHBORHOOD OF PHILADELPHIA
Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce five successful student housing transactions in University City near the University of Pennsylvania, Drexel University, and University of the Sciences. Properties sold include: 516-26 South 42nd Street, which has 32 units /81 beds, 3433-39 Lancaster Avenue, which has 4 units/20 beds, 40 Baring, which has 25 units/59 beds, 4100-02 Ludlow Street, which has 6 units/14 beds, and 4224-26 Chester Avenue & 607-09 South 42nd Street, which together have 21 units/25 beds.
Each property is well located to serve as an off-campus housing option for students and staff of the local universities, with excellent walkability as well as easy access to public transportation. University City has experienced rapid growth and redevelopment in recent years, stemming from the expansion of the University of Pennsylvania and Drexel University as well as the influx of life sciences companies to the area.
Ken Wellar, Managing Partner at RRA, stated: “University City has continued to grow rents year after year. The job growth and expansion of Penn, Drexel, Penn Medical, and the recent explosion of life science jobs fuels the need for housing demand in University City more than ever. With these fundamentals, we have seen every type of buyer from local, regional family offices, to national, and international entities invest in University City as a safe haven for their capital.”
“University City will continue to be in high demand from buyers given the strong demographics and limited supply in the market,” added Corey Lonberger, Managing Partner.