The Carriage House, a 165-unit student housing complex in University City, has sold for $22.5 million, about $10 million less than it did four years ago, writes Ryan Mulligan for the Philadelphia Business Journal.

The five-story apartment complex was purchased by an entity affiliated with Baltimore-based JSB Capital Group. It was sold by London-headquartered Global Student Accommodation Group.

The 133,000-square-foot property spans a full block just northwest of Drexel University’s campus.

Global Student Accommodation Group purchased Carriage House for $33.65 million in 2020 as part of a 27-property acquisition that marked its first foray into the U.S. student housing market.

The Carriage House consists of three connected Victorian-style apartment buildings, boasting 30 different floor plans, an interior courtyard with fire pits, patios on select units, and a fitness center.

The buildings were originally constructed in 1910 and used as apartments. In 1983, a new owner gutted the buildings and then marketed them as high-end student housing.

Read more about the latest sale of the Carriage House at the Philadelphia Business Journal.

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