PHILADELPHIA, PA - Scope Commercial Real Estate Services has announced the sale of a 114-bed student housing portfolio consisting of eight buildings near Temple University in Philadelphia. The portfolio sold for $5,034,000, equating to $44,158 per bed.
Director Jonathan Massaro, and Senior Associate Zeke Rotter led the transaction on behalf of the deal team. The seller, TempleTown Realty, owned and managed the portfolio since 1996. Massaro and Rotter also procured the buyer, Penn Property Partners, a Philadelphia-based real estate investor and operator.
The scattered site portfolio consists of 1429, 1520 N 15th Street, 1501-03, 1524, 1525, 1840 N 16th Street, 2152-54 N Broad Street, and 2229 Park Avenue with a total building area of approximately 56,000 square feet and units that range from studio to four-bedroom layouts. Two of the buildings featured ground-floor commercial space.
ABOUT SCOPE: SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal-making experience ensures maximum return on investment.