Thanks to a new University contract, students who call University City Associates residences home can now use Campus Apartments' free shuttle bus.
Penn recently hired three companies to manage properties owned by UCA, the branch of the University that controls real estate holdings.
UCA's real estate properties were formerly controlled by the facilities-management firm Trammell Crow until last summer, when Penn ended its relationship with the firm after four years of turmoil.
Local real estate firm Campus Apartments now manages about 900 Penn-owned apartments spanning from Chestnut Hall on 39th Street to 49th and Cedar streets.
Global real estate and investment corporation Jones Lang LaSalle is in control of nearly 600,000 square feet of the University's commercial facilities.
And the Altman Real Estate Agency, Inc., a local corporation, has taken charge of approximately 250 units of Penn's West Philadelphia Neighborhood Project in a joint venture with mortgage-mogul Fannie Mae.
When Penn ended its relationship with Trammell Crow over the summer, the decision was made to transition from the large-scale outsourcing deal to smaller, more limited arrangements. According to Omar Blaik, Penn's facilities and real estate chief, the University issued requests for proposals in July, and about five companies competed for each of the spots.
On Oct. 1, the firms signed three-year contracts, Blaik said. However, these short-term agreements could blossom into longer ones if the relationships prove to be fruitful.
"The goal is to make it a long-term relationship," Campus Apartments President David Adelman said.
While Altman and Jones Lang LaSalle are fairly new to Penn, Campus Apartments has been serving the area for decades.
"Campus Apartments now has a good track record over the past 15 years...," Blaik said.
Campus Apartments is well-known to many Penn students as the proprietor of nearby residences such as the apartments on Beige Block -- the 200 block of S. 41st Street -- and four of the University's Greek houses. The company owns commercial venues as well, including the buildings that house Lee's Hoagie House, Weight Watchers and 2 Goodfellas Restaurant.
Blaik went on to say that "Campus Apartments was a local player that understands the market."
The recent contract is not the first time the University has joined forces with Campus Apartments. The firm, which already owns the building where the University's Office of Off-Campus Living is located, helped Penn create and develop the University City District, a business-improvement effort aimed at making the area's surrounding neighborhoods cleaner and safer.
Campus Apartments officials view the new contract as "the capping stone of five years of working together," Adelman said. "It's made it official."
Campus Apartments is now in charge of leasing, maintenance and financial reporting.
"The changes are internal, but we hope the tenants will notice some differences," Adelman said.
For example, the company's free shuttle service will now be available to UCA tenants as well as their 2,000 established clientele.
"We hope our new tenants will achieve the same comfort level," Campus Apartments official Daniel Bernstein said.
Although all three aspects of the University's real estate are under new management, Blaik said they remain under the "brand name" of University City Associates.
