HOW Properties Working on New Student Housing Complex in West Philly
- Apr 16, 2014
A local real estate management company is building a new student housing facility on Woodland Avenue in the west section of Philadelphia—or West Philly, where student housing is scarce though the area is home to several well-established universities such as the University of Pennsylvania, Drexel University, the University of Sciences in Philadelphia and Saint Joseph’s University.
West Philly Local reports that HOW Properties is currently working on a 20,000-square-foot complex at 4619 Woodland Avenue that will offer housing options to students enrolled in the University of Sciences in Philadelphia (USP). The 1,890-square-foot development site is a formerly vacant parcel that HOW Properties acquired in July 2013 for $865,000 according to data from PropertyShark.
The three-story building will include 16 housing units in a combination of two-, three-, four-, and five-bedrooms and only one studio. Reportedly, the project had an estimated completion date set for August but the developer decided to push this date until next summer because many students had already signed leases for the 2014-2015 school year. According to West Philly Local, the units will be available for rents between $800 and $3,200 a month but the prices are expected to change next year.
HOW Properties also included a commercial retail space on the ground floor of the building and hopes to work with the USP board to identify a tenant that would be beneficial for the area and the building’s residents.
Rendering credits: HOW Properties