PHILADELPHIA, July 11, 2022 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of Hamilton Court, a landmark property in the University City neighborhood of Philadelphia, one block from the University of Pennsylvania campus. The firm brought the property to market on behalf of Post Brothers who purchased the building, located at 3816-3836 Chestnut Street, in 2015 and has since completed a $21 million capital improvement plan.
The property contains 103 units with 295 student housing beds, plus 21,400 square feet of retail space. Residents enjoy spacious units, a private fitness center, state of the art laundry facilities, and rooftop amenities including a pool and hot tub, sun deck, grilling stations, and an al-fresco dining area & lounge.
Ken Wellar, managing partner at RRA/GREA, stated: “Hamilton Court has one of the best locations in the market for UPenn students. Post Brothers executed on their business plan to completely renovate the property and create one of the best amenity centers in the market. This sale marks a record price per unit of over $800,000 per unit."
“Hamilton Court is one of the best located assets pedestrian to UPenn. The asset and market are well positioned for strong go-forward growth, as enrollment has been increasing with limited new supply,” added Douglas Sitt, co-head of student housing at RRA/GREA.
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com and www.GREA.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout 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, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.
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/e4ae9132-3abc-4d2a-96ad-949915edea34
