Pennsylvania

Philadelphia — CBRE has arranged the $8 million sale of N15, a 75-bed student housing complex serving Temple University in Philadelphia. Built in 2012, the 36-unit, four-story building was 99 percent occupied at the time of sale. Adrian Sam and Spencer Yablon of CBRE represented the seller, North Broad Living, in the transaction. The buyer was an undisclosed private investor.

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Squirrel-Drive

State College, Pa. — Aspen Heights has broken ground on Aspen East Penn, a 651-bed student housing community located near the Penn State University campus in State College. The property will offer a mix of one-, two-, three-, four- and five-bedroom units, with 28 apartments designated as workforce housing. Shared amenities will include a resort-style swimming pool, courtyard, outdoor terrace, 24,299 square feet of ground floor retail space and private shuttle services. Welteroth Property Group will retain ownership of the retail portion of the property and handle leasing of those …

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Philadelphia — Saint Joseph’s University has announced plans to offer Xfinity On Campus services for students living on the university’s campus in Philadelphia. Xfinity On Campus allows students to watch live television, on demand and recorded content on their IP-enabled devices, including laptops, tablets and smartphones. The service will be included with room and board for students living in on-campus housing. 

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Athens, Ga. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with …

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Kutztown, Pa. — JLL has negotiated the sale of Edge at Kutztown, a 552-bed student housing property serving students at Kutztown University of Pennsylvania, located roughly midway between Reading and Allentown. The sales price was $20.1 million. The property’s 184 units are furnished with full appliance packages, vinyl tile flooring, Formica countertops and individual washers and dryers. Amenities include a clubhouse, outdoor grilling stations, a game room and package receiving area. Fran Coyne, Tom Hall, Mark Thomson and Carl Fiebig of JLL represented the seller, a private investor, in the …

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230-Fairhill

Willow Grove, Pa. — Rittenhouse Capital Advisors has secured $23.3 million in construction financing for a 264-bed student housing development near the Penn State Abington Campus in Willow Grove. The financing was sourced through a regional bank on behalf of developer College Town Communities. The community will offer 132 fully furnished, two-bedroom units. Shared amenities will include a fitness center, business center, café, media lounge, secure mail and package storage and a pool. Delivery of the project is scheduled for June 2022. 

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Here-State-College

State College, Pa. — University Partners has acquired HERE, a 755-bed student housing community located near the Pennsylvania State University campus in State College. The property was built in 2020 and offers one-, two- , three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include 30,000 square feet of retail space; private study rooms; a penthouse sky lounge with a kitchen and deck; and a spa with a hot tub and sauna. “Our market-first, data-driven approach to investing led us to target the Penn State market for several years …

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230-Fairhill

Willow Grove, Pa. — College Town Communities is set to break ground on a 132-unit student housing development near the Penn State Abington campus in Willow Grove. The 4-acre development site, located at 230 Fairhill Street, was recently acquired from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the transaction. The new development will offer fully furnished two-bedroom units alongside communal amenities including a state-of-the-art clubhouse, fitness center, business center, cafe, media lounge and a resort-style swimming pool. Groundbreaking is scheduled for spring of …

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Philadelphia — Rittenhouse Realty Advisors has arranged the sale of a 272-bed student housing portfolio in Philadelphia. The portfolio consists of five buildings totaling 106 units that serve the University of Pennsylvania, Drexel University and Temple University. The portfolio features a mix of newly constructed buildings and value-add assets. The buyer and seller were not disclosed.

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Pittsburgh — MultiVersity Housing Partners has acquired Union on 5th, a student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property offers two- and three-bedroom, fully furnished units. Renovations are planned for the property and will include a redesign of the lobby; the relocation of the office and leasing area; the addition of study space; hallway renovations; the construction of additional beds; and the addition of a Luxer One package locker system. MultiVersity Property Management (MVPM) will oversee renovations and has been …

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