August 10, 2016
A Denver, CO buyer paid $11.8 million for ownership rights to the newly constructed Spring Hamilton Apartments at 3836-50 Spring Garden St. and 3835-37 Hamilton St. in Philadelphia. The student housing property’s seller was University Realty LP, which is in Southampton, PA. The acquisition is the undisclosed buyer’s first in Philadelphia.
The property serves Drexel University, and contains 30 units, with 114 bedrooms. Rittenhouse Realty Advisors (RRA) handled the transaction. The property has had high occupancy since it opened. Noted RRA’s Mark Duszak: “This newly constructed student housing opportunity was extremely desirable because of its outstanding unit mix, high-end finishes, and high occupancy.”
For comments, questions or concerns, please contact Amy Sorter