RRA Sells 6 in Temple University Area
Temple University contributed to the area's recent revitalization and proved to be a good driver for the surrounding real estate market.
By Tudor Scolca
Temple University Portfolio
Rittenhouse Realty Advisors has sold a six-property, 92-bed student housing portfolio in Philadelphia’s Temple University area. The assets were acquired by several buyers, with the total price tag of $6.7 million.
The communities are either newly constructed or were recently renovated by previous owners. The six assets are situated less than a mile from each other and within walking distance of the university’s campus.
The list of buildings includes:
- a four-story, 22-bed building at 1439 N. 15th St.
- an 11,750-square-foot building at 1326 N. 15th St.
- an eight-bed, 3,072-square-foot property at 1843 and 1845 N. 18th St.
- an eight-bedroom asset at 1822 and 1824 Willington St.
Never late for class
The proximity to Temple University’s campus translates to a highly amenitized area, with pubs, restaurants, movie theaters, concert venues and shops within easy reach. Public transportation is also nearby, with the Cecil B. Moore subway station on Broad Street a few minutes away.
“As the school has gained recognition for not only their academics but also their successful athletic programs, enrollment has increased year over year. There is no shortage of demand for well-constructed student housing product that enables students to walk safely to and from class,” said Christopher Egan, senior associate at RRA, in a prepared statement.
The neighborhood surrounding the portfolio consists of row-homes and small businesses. Rittenhouse Realty representatives stated that the Temple area saw significant appreciation in student-driven real estate values due to the university’s recent investments into its facilities and the surroundings. The 105-acre main campus of Temple University has more than 40,000 students enrolled, 15,000 of which live on or near school grounds.
Rittenhouse Realty Advisors recently sold two other communities in the Philadelphia area, comprising 140 units, for $8 million.
Image courtesy of Rittenhouse Realty Advisors
