RRA sells 272 beds/ 106 units near UPenn, Drexel & Temple Universities totaling $30+M
Philadelphia, PA — Rittenhouse Realty Advisors announced the recent sales of five student housing properties in Philadelphia. The firm organized the sales of the following properties: 4258-60 Chestnut St. (45 units, 128 Beds), a purpose-built, newly constructed property close to the University of Pennsylvania, 4236 & 4238 Chestnut St. (12 units, 15 Beds) a value-add opportunity near UPenn, 3927, 3929 & 3931 Pine St. (45 Bedrooms) a value-add JV sale near UPenn, 125-129 & 133-135 South 46th St. (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 St., 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.