Hamilton Court, an off-campus apartment complex sold for $87 million
Hamilton Court, an apartment community two blocks from campus that serves Penn students, sold for $87 million on July 11.
Rittenhouse Realty Advisors arranged the sale of the historic property on behalf of Post Brothers who bought the building in 2015. Hamilton Court contains 103 units, with a total of 295 student beds and 21,400 square feet of retail space. The sale of the complex represents a record unit price of more than $800,000.
Anthony Scotland, vice president of marketing for Post Brothers, said in a chat with the Daily Pennsylvanian that Post Brothers originally purchased the building after much research because it was “a great way to anchor Philadelphia “. Scotland said the Hamilton Court buyer had experience owning student accommodation and believed the change in ownership was a smooth transition and would not affect students.
Hamilton Court advertises itself as student accommodation, advertising its proximity to Penn. Gina Chryssofos, a rising College senior and former ambassador at Hamilton Court, appreciated the proximity to campus and sense of community.
“I lived there for the past two years, it was really nice, it felt like a community,” she told the Daily Pennsylvanian. “One of the things I was going to miss when I left campus was the feeling of being in a dorm, having all the other students around. is a majority of students who live there.”
Despite disruptions from COVID-19, the student housing market is recovering rapidly, according to a Yardi Matrix report. Penn is one of the top universities for prehire annual percentage growth, at a solid 27.6%.
The Hamilton Court apartment buildings were originally built as an upscale hotel in the early 20th century. Post Brothers, known for buying cheap and junk real estate and upgrading it, made various changes to the complex as part of its $21 million capital improvement plan, building amenities and space retail in the yard. The monthly rent for the units currently ranges from $1,099 to $2,045, as listed on Apartments.com.
RRA Managing Partner Ken Wellar said in a statement: “Hamilton Court has one of the best locations in the market for UPenn students. Post Brothers has executed its business plan to completely renovate the property and create one of the best amenity centers in the market.”
The resort includes several common area amenities such as a fitness center, two study lounges, a pool and hot tub, grilling stations, and laundry facilities. The commercial space is currently occupied by the restaurants Paris Baguette and the Halal Guys.