PHILADELPHIA, PA--(Marketwired - Dec 18, 2013) - Rittenhouse Realty Advisors is pleased to announce the sale of a 116 bed student housing portfolio near Temple University in Philadelphia. The recently constructed buildings feature a great mix of one, two, three, four and five bedroom apartments. The units, which sold for $60,000 per bed, have modern amenities not typically offered in student housing, including: spacious living areas, granite counter tops, state-of-the-art appliances, hardwood ﬂoors, washers and dryers, and full security systems.
Due to the excellent condition of the properties and their convenient location near Temple University's campus, they have had 100% occupancy since inception. The seller is a local developer with an excellent reputation for providing superior product and the buyer is a regional owner out of Boston. "The new owner plans to take advantage of an excellent return on a historically well performing asset," said Ken Wellar, Managing Partner of Rittenhouse Realty Advisors.
Developers and long-term investors continue to capitalize on the growing Temple University student housing market. "As Philadelphia pushes to make greater ties between Center City and the Universities, student housing will continue to be a desirable market for new and experienced investors," stated David Greenhalgh, Associate at Rittenhouse Realty Advisors.
"Student housing has really become a niche market for RRA. We've had numerous student housing transactions in the Mid-Atlantic region over the past year," noted Corey Lonberger, Managing Partner of Rittenhouse Realty Advisors.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. In this time we have grown to better understand and more effectively communicate the challenges and opportunities posed by each category of multi-family investment. Our multi-disciplined team of professionals is widely respected for providing leadership in complex sale and capitalization assignments at every point in the investment cycle. In addition, our advisors have been extremely successful marketing distressed and value-added properties. Through our many years of experience, we have gained a tremendous amount of respect within both the institutional and private client communities.