Hamilton Court, an apartment community located two blocks from campus that caters to Penn students, sold for $87 million on July 11.
Rittenhouse Realty Advisors arranged the sale of the landmark property on behalf of Post Brothers who purchased 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 price per unit of over $800,000.
Anthony Scotland, the Vice President of marketing for Post Brothers, said in a conversation with the Daily Pennsylvanian that Post Brothers originally bought the building after lots of research because it was a "great way to be ingrained into West Philadelphia and University City." Scotland said that Hamilton Court's buyer has experience owning student housing and believes the change in ownership was a smooth transition and will not affect students.
Hamilton Court markets itself as student housing, advertising its proximity to Penn. Gina Chryssofos, a rising College senior and former ambassador to Hamilton Court, enjoyed the proximity to campus and the sense of community.
"I lived there for the last two years, it was really nice – it felt like a community," she said to The Daily Pennsylvanian. "One of the things that I was going to miss when I moved off campus was the feeling of being in a dorm, having all the other students nearby. And it kind of felt the same, since it's a majority of students living there."
Despite COVID-19 disturbances, the student housing market is on a fast-paced recovery, according to a Yardi Matrix report. Penn is among the top universities for yearly percentage growth in preleasing, at a strong 27.6%.
The Hamilton Court apartment buildings were originally built as an upscale hotel in the early 20th century. Post Brothers, known for buying inexpensive real estate and bringing it upmarket, made various changes to the complex as part of their $21 million capital improvement plan, building the amenity and retail space in the courtyard. Monthly rent for units currently range from $1,099-$2,045, as listed on Apartments.com.
Managing partner at RRA Ken Wellar said in a statement, “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."
The complex includes several common area amenities such as a fitness center, two study lounges, a swimming pool and hot tub, grilling stations, and laundry room facilities. Retail space is currently occupied by restaurants Paris Baguette and the Halal Guys.
Editor’s note: A previous version of this article misquoted Anthony Scotland, the Vice President of marketing for Post Brothers, when he stated Hamilton Court is a “great way to be ingrained in West Philadelphia and University City.”