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Off-Market Opportunity: Student Housing at Temple University
Purchase Price
Purchase price is firm per the seller at $22,000,000. Buyer to pay 3% real estate commissions at this price.
Summary
This private sellers portfolio of student housing assets consists of 6 properties, 110 units & 206 beds at Temple University. Temple University located in Philadelphia is a major university with close to 40,000 students. These 6 properties are all within two blocks of the campus. Occupants can walk or bike to class. In addition to the subject properties being 2 block from campus, the septa bus line is walking distance from the properties
Occupancy
Occupancy is 100%.
Financial InformationThere is a ten year tax abatement in place. Expiration dates are: 2021, 2022, 2023, 2025.
Cap rate is 6.7%.
As student tuition costs rise, student's housing costs follow suit. Cap rate typically rises on a year to year basis.Rents & Leases
Average rent per bed is $772 per month. Student's leases include parental guarantees (joint and several). The leases state and require that the residents are individually and collectively responsible for all of the rent and the tenant paid utilities of and for the duration of the lease. This is a guarantee to the property owner.Serious Buyers Only Please:
For more information, including an offering memorandum and comps, send an email to:
Please put the words "Temple University" in the subject line, so it is routed correctly.