(Mark your Calendars! March 7 for RealShare Philadelphia!)
PHILADELPHIA-There is such “dynamic” growth in the demand for student housing in the “University City” neighborhood here that University Realty has two new buildings going up there now, with another already planned, GlobeSt.com has learned.
The student housing sector had a great year in 2012, according to a new report from Apartment Realty Advisors. Philadelphia is poised to experience a continuing surge in demand, according to the locally based real estate company.
“Drexel and Penn are growing, they can’t keep up with their campus housing,” says Todd Potter, president of University Realty. “Even if they could, a lot of students prefer to live out of the dorm in a building like ours where they can have their own room, bath with custom shower, a flat-screen TV in the family room, granite countertops and hardwood floors in the kitchen.”
Potter says, “Parents love us too, since we provide a very safe environment at a lower cost than the dorms– around $600 or $700 a month.”
The company already operates one fully-occupied apartment building, situated on the 3300 block of Spring Garden St. in the University City neighborhood around Drexel and the University of Pennsylvania. The new buildings, going up on the sites of former industrial buildings on Hamilton Street have been qualified as Drexel-approved student housing for sophomore students and above.
To qualify as university-approved, buildings must meet certain safety, security and other requirements, Potter says. Potter notes that his company seeks to build only on sites where streets are patrolled by University police.
“The strong appeal for students and their parents is that these are new-construction, upscale units in a community largely comprised of older buildings,” Potter says
The two new buildings will be ready for the start of the next school year, says Potter.
Each will house more than 30 apartments, mainly 3-bedroom/3-bathroom units. Some apartments will have three bedrooms and two baths and a few will have two bedrooms and two baths.
Some student apartments have underground parking spaces attached.
A third building is planned for a site at 38th& Lancaster, according to Potter. Also, the company has other buildings under development for the area, and maintains two properties on Temple University’s campus on the 1400 blocks of N. 15th Street and Carlisle Street.