Temple park apartments

JBMP Group is pleased to extend to qualified investors the opportunity to purchase the Temple Park Apartments portfolio (“Temple Park”). The portfolio consists of 23 well-maintained properties within walking distance of Temple University, a desirable public university with nearly 40,000 enrolled students. Temple Park is well positioned in the market as a convenient and affordable option for undergraduate students, as large-scale complex-style development continues to drive pricing higher year-over-year. The property is divided into two distinct locations, one on the West side of Broad Street at 15th and Master (“West Side”) and the other on 7th and Berks (“East Side”).

The portfolio benefits from a tax abatement that has several years remaining, an in-place professional management and leasing team, and favorable locations close to campus. The properties were developed between 2013 – 2017 and consist of two-, three-, and four-bedroom units. The new ownership will have the unique opportunity to assume the in-place agency financing, which has the remainder of a 5 year interest only period, 15- year term, and 30-year amortization.

Since the beginning of Covid in 2020, Temple Park has remained fully occupied with stable rent collection, despite city wide shut-downs, University restrictions, and general market disruptions. Even after Temple moved to virtual classes in 2020, nearly 100% of tenants continued to occupy their units, highlighting the strength of the Temple student renter base.

Pre-Covid, the property had historically seen high rent growth and is poised for significant rent increases over the next several years as the Temple University sub-market continues to develop and return to normal conditions. There has been an increasing amount of interest in Temple Park units from market-rate renters due to the proximity to Fishtown and Fairmount, which is expected to continue as North Philadelphia experiences high levels of new construction development over the next several years.