A purpose-built, off-campus student housing property, The Nest is an 18-story high-rise tower featuring 192 units and 528 beds. The Nest completed construction in 2019 and the 10-year, approved, new construction tax abatement is in effect. The Nest is located 2 blocks from Temple University’s Campus on a major city thoroughfare and has easy access to SEPTA Broad Street Subway Line and Regional Rail. The property is 93.9% leased for the 2023-24 school year.
The Nest features studio, two- and three-bedroom units with outstanding panoramic views of the cityscape and Temple University. Units feature floor-to-ceiling windows, in-unit washers and dryers, and full kitchens with granite countertops and stainless-steel appliances. Units are fully furnished, and a luxury furniture package is available that includes a large, flat-screen TV. Common area amenities in the building include an outdoor deck with a fireplace, a fitness facility, secured bike storage, study lounges, a state-of-the-art facial recognition security system, a 24-hour printing and technology center, and an amenity lounge. The state-of-the-art facial recognition security system is installed on all elevators in the building and tenants use key fobs for entry. A student shuttle is also offered to take students to and from Temple’s campus. The Nest offers an optimal investment opportunity for qualified investors. Potential investors can take advantage of extremely favorable loan assumption terms, with Ocean First Bank, having a maturity date of May 2025.