Sydenham Commons was sold to Signature Investment Realty, Inc.
Sydenham Commons, a four-story, independently owned apartment complex, which exclusively houses Temple students, was sold to Signature Investment Realty, Inc., for $5.85 million.
Corey Lonberger, the associate vice president of investments for Marcus and Millichap, and Wellar arranged the transaction.
Although there has been a change in management, the property will continue to cater primarily to Temple students, said Ken Wellar, the senior associate of Marcus and Millichap Real Estate Investment Services.
Sydenham Commons, which has been near Main Campus since 2006, is located at 1718 N. Sydenham St., between Cecil B. Moore and Montgomery avenues. The building has 27 units and 90 beds. Rent ranges from $605-$630 for one bedroom residences and $600-$625 for two bedroom residences, depending on whether the apartment is furnished.
“At first I was confused about it because I thought new people would be working here,” Alexandra Cook, an art education major at Temple who lives in Sydenham Commons, said. “But the people who work here are the same. It’s just new management.”
Residents of Sydenham Commons were informed about the change in management earlier this month.
“They usually give us memos when there’s something going on in the building,” Cook said.
Sydenham Commons will keep the majority of the staff hired by the previous management. There will be no change in rent or other costs for residents.
“This is a private transaction,” Chris Vecchiarelli, the previous owner of Sydenham Commons, said. “The ownership and management has changed. However, the new management has kept almost all of the previous staff in place from the previous management company.”
Like Wellar, Vecchiarelli added that Sydenham Commons would continue to rent only to Temple students.
“From inception to present date only Temple students, both undergrad and graduate, have resided there,” Vecchiarelli said.
Signature Investment Realty, Inc., is an investment and management firm based in Philadelphia that has been operating for more than 25 years.
Stephanie Lauredent can be reached at email@example.com.