North Broad Living has sold N15, a luxury student community in Philadelphia, for $8 million. The CBRE Capital Markets team that represented the seller included Associate Adrian Sam and Senior Vice-President Spencer Yablon.
The four-story asset serving students at Temple University encompasses 36 units equipped with washers and dryers and stainless-steel appliances. Located at 1516-18 N. 15th St., the 2012-built community is within walking distance of Temple’s Law School, Business School, and College of Education and close to the Liacouras Center.
N15 was 99 percent leased at the time of sale. According to a recent Yardi Matrix webinar on the sector’s outlook, student housing properties around Temple University were 86 percent leased as of August, while communities across Philadelphia, serving the Penn, Drexel and Temple Universities had lower preleasing rates.
Student housing looking up
After a slower start in preleasing activity in the first half of the year, the student housing market appears to have rebounded in July and August, especially around top-tier universities.
In addition, in a recent interview with Multi-Housing News, Fred Pierce, president & CEO of Pierce Education Properties, noted that throughout the third quarter the student housing market has attracted some of the highest levels of capital the sector has seen in the last six years. To that point, the recent $748 million venture between Blackstone and Landmark Properties for the acquisition of 5,400 beds across the U.S. indicates robust investor interest in the sector.