Just Sold: Diamond Green at Temple University
PHILADELPHIA, May 23, 2022 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of Diamond Green, an off-campus student housing community with 92 apartment units, totaling 350 beds, plus six commercial units and 28 garage parking spaces. The property, located at 1000 Diamond Street, is situated adjacent to Temple University’s main campus in North Philadelphia.
The purpose-built student housing property was built by Orens Brothers Real Estate using modular construction and designed for one student per bedroom. Residents enjoy living within walking distance to campus, as well as to the SEPTA Regional Rail station across the street. The property offers top-of-the-line amenities with street-level, “student-friendly” retail. Assets in the area remain desirable to investors as Temple University’s undergraduate population averages 4% growth year over year.
The property was purchased by Apex Student Living, a Joint Venture between Alexandra Capital from Toronto, Canada and Axela Group from Waterbury, Connecticut. Ken Wellar, managing partner at RRA/GREA, stated: “We were able to source a new buyer to the market from Canada for this property. Our firm has had notable success in bringing new family offices into the student housing space.”
Douglas Sitt, co-head of student housing, added: “We are seeing record performance in student housing in terms of pre-lease velocity and rent growth, which is in turn attracting investors to the asset class. Even in a rising rate environment, we don't see a slowdown in investment activity as the market fundamentals of student housing have a strong outlook."
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.
Press Contact: Corey Lonberger and Ken Wellar
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2fdd41a-6845-4382-b30d-c040566c8691