Updated Mar 11, 2025
Rittenhouse Realty Advisors Sells Philadelphia Student Housing Portfolio For $20M
516-26 South 42nd Street, Philadelphia, PA, USA
$20,000,000
$613/SF
Building Size
32,620 SF
Asset Type
Other
Closing
Oct 12, 2021
About this deal
AI
The student housing property located at 516-26 South 42nd Street, 3433-39 Lancaster Avenue, 40 Baring, 4100-02 Ludlow Street, 4224-26 Chester Avenue, and 607-09 South 42nd Street in Philadelphia has been sold for a total of $20,000,000. The property consists of 88 units, with a price per unit (PPU) of $227,273. It offers a total of 199 beds, resulting in a price per bed (PPB) of $100,503.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $20,000,000
- Units: 88
- Price Per Unit (PPU): $227,273
- Beds: 199
- Price Per Bed (PPB): $100,503
The sale of this student housing property was facilitated by Ken Wellar & Corey Lonberger from Rittenhouse Realty Advisors. They represented the seller in this transaction, adding their expertise to the deal.
Note: More details about this transaction can be found on the following Instagram post: Instagram Link.
Players
Philadelphia Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93