Post Brothers Sells Philadelphia Student Housing for $87M
Rittenhouse Realty Advisors brokered the transaction.
Hamilton Court. Image courtesy of Rittenhouse Realty Advisors
Post Brothers Apartments has sold Hamilton Court, a 295-bed student housing community in Philadelphia, for $87 million. Rittenhouse Realty Advisors, a member of GREA, brokered the transaction.
According to Yardi Matrix data, the property last traded in 2015, when Post Brothers acquired the community from UCH Venture Capital. The company has since completed a $21 million capital improvement plan.
Originally completed in 1979, Hamilton Court encompasses 103 units and 21,400 square feet of retail space. Floorplans include one-, two-, three-, four- and five-bedroom apartments, averaging 1,265 square feet. Interiors feature exposed brick walls, built-in shelving for additional storage, full size appliances, a dishwasher, chalkboard backsplash and new plumbing fixtures. Common-area amenities include a swimming pool, grilling stations, dining and lounge area, a fitness center, two study lounges, a recreation room, an outdoor courtyard and laundry room facilities.
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Located at 3816-3836 Chestnut St., the property is one block from University of Pennsylvania campus and less than 3 miles from downtown Philadelphia. The community is in proximity to several sorority and fraternity houses. Students have access to numerous cultural and entertainment opportunities, such as Cinemark University City Penn 6, Penn Museum and concert venues. Dining and retail options are available in the immediate area, as Hamilton Court is surrounded by a variety of restaurants with local and international cuisine. The community has easy access to public transit options.
Student housing market performance
A recent Yardi Matrix report indicates that the student housing sector continues to show strong market fundamentals, with steady preleasing activity and rent growth as of the first quarter of 2022. By the end of March, 63.7 percent of the number of beds at Yardi 200 universities were preleased, marking a 13.5 percent increase year-over-year and exceeding the 2019 level. Pennsylvania University is among the top 20 universities for year-over-year percentage growth in preleasing, at 27.6 percent. As for student housing transaction volume, the total sales as of the first quarter were nearly $920 million for Yardi 200.
