All Forum Posts by: Todd Keith

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 Information
There 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:

[email protected]

Please put the words "Temple University" in the subject line, so it is routed correctly. 

@Garrett Hawk - You should have an email from on that student housing deal. Please let me know if you didn't receive it and we'll try something else. 

Have a great day!

Hi @JoAne Baptiste, 

We actually have two sides to the business. One handles the large multifamily properties. (>33 Units) and the other side handles the smaller multifamily properties. (32 Units) We actually have a few duplexes available and we just put a 5 unit under contract this past week in Akron. 

Would you like me to add you to our buyer's list for the smaller multifamily properties? 

Thanks,

Todd

Hi @Zephaniah Okpalanze, 

There's the normal wear and tear that a rental property takes after having the same tenants occupy it for 8 and 10 years, but the roof and all major mechanicals are in good working condition. After these tenants move, if these tenants ever move, you'll probably want to perform a basic make-ready on each one.  

Thanks, 

Todd

Hi @Adriana Duarte. Email should be in your inbox now. Thanks!

2 Unit Duplex

For less than the price of most Single-Family Homes, you can have 2 income-producing units!

PRICED TO MOVE QUICKLY: $90,000

2 Unit Duplex

For less than the price of most Single-Family Homes, you can have 2 income-producing units!

PRICED TO MOVE QUICKLY: $29,000

Hi @Garrett Hawk. 

Coincidentally, we just had a student rental come across our desk. Looks interesting. 

I can share some of the high-level detail with you via email. What email address should I send that to? 

Thanks,

Todd

@Eric Smith - Fiverr is a good/inexpensive place to start

Hi @Deepika Tandon, 

Thanks for contacting me. I just sent you an email with information on this property. Please let me know if you have any questions.

Have a great day,

Todd