University City Student Housing Portfolio

Property Description

Located in the desirable Powelton Village section of University City Philadelphia, this purpose-built Student Housing portfolio consists of 12 properties, and 304 apartment units with 764 bedrooms in total. All properties rent primarily to Drexel University (Drexel), University of Pennsylvania (UPenn), and Saint Joseph’s University (St. Joe’s) students. The University City/Powelton Village section of the city is a livable, walkable, bikeable residential neighborhood that is experiencing a period of growth and expansion. This neighborhood is home to some of the best educational and medical facilities in the world including Drexel, UPenn, St. Joe’s, Penn Medicine, the Veterans Hospital (VA), and the Children’s Hospital of Philadelphia (CHOP). The University City area boasts more than 85,000 jobs, 44% of all national institutes of health investments in the entire state, $1.85 billion in Research and Development expenditures among higher education institutions, tripling of median home values over the past decade, and approximately 2.75 million square feet in development or under construction. Many properties within this portfolio are newer construction and still have remaining years on their property tax abatement period with the City of Philadelphia. The properties offer high-end finishes and premium kitchens and bathrooms, noting these properties as stand-out options compared to nearby, competitive student housing properties. Some amenities featured at the subject properties are on-site bike storage, laundry facilities, video surveillance entrances, and sprinklered fire systems. Units offer high ceilings, large closets, carpeted and hardwood flooring, granite countertops, and stainless steel appliances. This University City Student Housing Portfolio offers a tremendous opportunity to acquire strong-performing assets in well-known, liveable, walkable, and bikeable neighborhoods in the Philadelphia region.