Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1915
Building Area Gross
Number of units 97
Occupancy 92.0 %
Call for Offers 2022-04-12

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Roosevelt Apartments (the “Property”), an exceptional, 97-unit value-add opportunity located at the intersection of 23rd and Walnut Street in the coveted Rittenhouse Square neighborhood of Philadelphia, Pennsylvania.

Investment highlights

Proven Rental Upside

  • Roosevelt Apartments presents new ownership with an extremely-rare opportunity to acquire a timeless asset with proven upside in a premier urban destination. Current ownership has spent more than $3MM addressing several deferred maintenance items including hallway renovations and unit upgrades, allowing new ownership to focus on maximizing rental income through a streamlined unit renovation program.

Resurgent Urban Multi-housing Fundamentals

  • Rittenhouse commands the highest average rent of any neighborhood in the city of Philadelphia with approximately 65% of the housing stock (apartments, townhomes, and condominiums) renter occupied.

Irreplaceable Rittenhouse Location

  • Roosevelt Apartments is located at the convergence of Rittenhouse and Fitler Square. The Property’s coveted location allows residents to experience the best of Rittenhouse, Fitler Square, and University City. Residents are just blocks from the tree-lined streets of Fitler Square and the Schuylkill River trail, while remaining proximate to high-end retail, world-renowned restaurants, energetic nightlife, and an extensive array of cultural offerings in Rittenhouse Square. 

High Barriers to Entry

  • The Property’s Rittenhouse location promotes long term appreciation in value for new ownership based on the lack of developable parcels and obsolete buildings in core Center City between Rittenhouse Square and Washington Square. This fact, coupled with re-surging multi-housing fundamentals, will ensure strong rental demand for Roosevelt Apartments.
Last Updated Date: 01 Mar 2022

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Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

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Last Updated Date: 01 Mar 2022

Do you have any questions?  Visit our FAQ page

The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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