Philadelphia Student Housing Community Trades for $20M
The new owner has already rebranded the property and intends to add an affordable housing component to the 2008-built community.
DLP Kutztown. Image courtesy of JLL Capital Markets
DLP Real Estate Capital has acquired the 552-bed The Edge at Kutztown for $20.1 million. Following the purchase, the asset was rebranded as DLP Kutztown. JLL Capital Markets closed the sale of the 184-unit property on behalf of the seller, a private investor.
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The 2008-built community at 2200 Lifestyle Lane in Berks County is half a mile from Kutztown University in Kutztown, Pa. The asset is just off Route 222, one mile from downtown Kutztown and close to entertainment options such as Crystal Cave and Bear Creek Resort. Employment hubs in Reading, Bethlehem, Allentown and Philadelphia are within a 1.5-hour drive of the property.
DLP Kutztown features three-bedroom apartments, averaging 944 square feet. Common-area amenities include a clubhouse, a patio with grilling area, a pool, ping pong tables, bike racks and a fitness center.
JLL Capital Market’s brokerage team included Director Fran Coyne, Managing Director Tom Hall, Senior Managing Director Mark Thomson and Managing Director Carl Fiebig.
Planned changes
DLP Real Estate Capital Founder & CEO Don Wenner revealed in a prepared statement that the company plans to transform the community into a mix of student housing units and affordable apartments for families in the Greater Lehigh Valley.
DLP has been expanding its southeastern portfolio in the past few months. In June, the company purchased a 336-bed student housing community in Oxford, Miss. And in March this year, DLP became the new owner of a four-property portfolio totaling more than 1,000 units of workforce housing in Mississippi and Alabama.
