After two years of development, a new five-story apartment complex in University City is set to open at 42nd and Ludlow streets in July 2020.
The new building is managed and owned by University Realty, which operates five other properties for Penn students on Chestnut and Walnut streets. The company also manages apartments for Drexel University and University of the Sciences students, University Realty President Todd Potter said.
Hundreds of lease applications have already been submitted by prospective student residents for the 2020-2021 school year, Greg Pitkoff, managing director of GRiP Communications wrote in an email. Potter added that the property is already at about 50% occupancy for next year.
The new building will feature more than 200 beds total with rent starting at $750/month per bed. Apartment options include 96 three-bedroom/three-bath and two-bedroom/two-bath apartments.
Potter said the starting point for these apartments is $750/bed, but the price for some layouts may increase as more apartments are sold. Students who require full or partial furnishings can arrange for these to be provided at an extra cost, according to the press release.
Apartment amenities for the new University Realty property include free laundry, free individual-unit high-speed Wi-Fi, keyless entry, and smart lockers for on-site package delivery. The complex also has an on-site fitness center with Expresso Go bikes, which will let residents race other users through interactive group rides.
Other amenities include a free 50-inch flat screen TV in every apartment, hardwood floors, indoor bike storage, and on-site parking.
Potter said the property management will also offer a free shuttle service between the residence and Penn campus. The shuttle service will be offered between 7 a.m. and 3 p.m., Monday through Friday, likely on the hour.
Unlike other off-campus housing options which operate on University-owned land and hold long-term leases from Penn, the space at 42nd and Ludlow streets was once a warehouse owned by Lei Auto Repair & Collision, which had been there for about 20 years before selling the property to University Realty, Potter said.
Potter noted the apartment complex’s competitive pricing, saying rent for high rises in the area typically starts at $1,000 per bed.
A number of luxury apartment complexes with steep prices have recently been constructed in University City, also marketing their properties toward students. In May, the LVL 4125, located at 4125 Chestnut St., opened. Formerly known as The Azalea, Luna on Pine is a five-story apartment complex built in 2018 located on 400 S. 40th St. Also completed in 2018, The Simon at Founder's Row is a five-story complex located on 121 S. 41st St. managed by Campus Apartments.
In 2017, University Realty received student backlash after experiencing construction delays to their 4046 Chestnut St. property. The delays caused Penn residents to be moved into hotel rooms or other available off-campus apartments. The cost of these arrangements were covered by University Realty until students were able to move into the property.