GREA is pleased to announce the sale of Hamilton Court, a landmark property in the University City neighborhood of Philadelphia, one block from the University of Pennsylvania campus. The firm brought the property to market on behalf of Post Brothers who purchased the building, located at 3816-3836 Chestnut Street, in 2015 and has since completed a $21 million capital improvement plan.
The property contains 103 units with 295 student housing beds, plus 21,400 square feet of retail space. Residents enjoy spacious units, a private fitness center, state of the art laundry facilities, and rooftop amenities including a pool and hot tub, sun deck, grilling stations, and an al-fresco dining area and lounge.
Ken Wellar, founding partner at GREA, said, “Hamilton Court has one of the best locations in the market for UPenn students. Post Brothers executed on their business plan to completely renovate the property and create one of the best amenity centers in the market. This sale marks a record price per unit of over $800,000 per unit.”
“Hamilton Court is one of the best located assets pedestrian to UPenn. The asset and market are well positioned for strong go-forward growth, as enrollment has been increasing with limited new supply,” added Douglas Sitt.