PHILADELPHIA, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors is pleased to announce the sale of a large student housing portfolio near Temple University in North Philadelphia consisting of 9 properties containing 92 apartments (253 beds).
All of the properties in the portfolio were constructed within the last five years with the majority of the units containing at least two bedrooms, many with three bedrooms. Most units are leased fully furnished and occupancy was at 100% for the 2019-2020 school year. The portfolio is very transit friendly, and is accessible to bus, subway, trolley and regional rail lines.
Ken Wellar, Managing Partner at RRA, stated: “We were able to successfully market this property to our network of New York buyers. This portfolio is this particular buyer’s first transaction in Philadelphia.”
Corey Lonberger, Managing Partner at RRA, added: “Our ability to expose properties to a wider base of potential buyers nets higher sales prices for our clients.”
With 17 schools and colleges and nine campuses, Temple University has a total student enrollment of over 38,000 students. 81% of Temple students live off campus.
“Investor demand for Philadelphia student housing has been extreme due to the large number of outstanding universities in our area,” noted Mark Duszak, Director at RRA.
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
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.
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2348183e-a7a4-4b19-ae60-72fd59d47258