The Nest | Temple University | 528 Beds | 192 Units

Property Description

A purpose-built, off-campus student housing property, The Nest is an 18-story high-rise tower featuring 192 units and 528 beds. The Nest completed construction in 2019 and the 10-year, approved, new construction tax abatement is in effect. The Nest is located 2 blocks from Temple University’s Campus on a major city thoroughfare and has easy access to SEPTA Broad Street Subway Line and Regional Rail. The property is 94.1% leased for the 2023-24 school year. The Nest features studio, two-, and three-bedroom units with outstanding panoramic views of the surrounding cityscape and Temple University. Units feature floor-to-ceiling windows, in-unit washers and dryers, and full kitchens with granite countertops and stainless-steel appliances. Units are fully furnished, and a luxury furniture package is available that includes a large, flat-screen TV. Common area amenities in the building include an outdoor deck with a fireplace, a 24/7 fitness facility, secured bike storage, study lounges, a state-of-the-art facial recognition security system, a 24-hour printing and technology center, and an amenity lounge. The state-of-the-art facial recognition security system is installed on all elevators in the building and tenants use key fobs for entry. A student shuttle is also offered to take students to and from Temple’s campus. Temple University is a well-recognized university in Philadelphia with an enrollment of just over 33,000 students for the 2023 school year (Axio Metrics). The University offers approximately 5,300 on-campus beds (CollegeHouse) leaving roughly 27,000 students searching for off-campus housing. Temple is known for the Tyler School of Art and Architecture, the Fox School of Business, and The Maurice H. Kornberg School of Dentistry, which are only naming a few of their 17 academic schools and colleges. The University offers over 500 academic programs, over 160 bachelor’s degree areas, and over 175 master’s degree areas. Temple sits just 2 miles from Center City Philadelphia on a 118-acre campus, employing over 6,000 faculty and staff. The Nest offers an optimal investment opportunity for qualified investors. Potential investors can take advantage of extremely favorable loan assumption terms, with Ocean First Bank, having a maturity date of May 2025.