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 1920
Building Area Net
Land Area Net ()
Number of units 144
Occupancy 92.0 %
Call for Offers 2022-04-06

Property description

Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to present the opportunity to acquire The Republic (the “Property”), a 22-story, 144-unit, value-add multi-housing offering strategically located in the Rittenhouse Square neighborhood of Philadelphia, Pennsylvania.

The Republic was constructed in 1920, converted to apartments in 2003, and renovated in 2016. The Property features a diverse blend of studio, one-, and two-bedroom units averaging 695 square feet. In addition to 144 apartments, The Republic features 5,267 square feet of fully-leased commercial space along with a vibrant resident lounge, game room with billiards and shuffleboard, state-of-the-art fitness center, yoga and spin studio, conference room, social kitchen, and concierge.

Investment highlights

PROVEN VALUE-ADD OPPORTUNITY

  • The Republic presents an extremely rare opportunity for qualified investors to acquire a generational offering with proven rental upside in a premier Center City location. The unit mix features 84 renovated and 60 classic units, providing new ownership with the opportunity to continue or modify the existing renovation program and capitalize on rental increases of $300 moving forward. 

IRREPLACEABLE  RITTENHOUSE LOCATION

  • The Property is located in Rittenhouse Square, Center City Philadelphia’s most sought after neighborhood. Boasting some of the highest per square foot rental rates in the city, Rittenhouse Square features luxury hotels, high-end retail, world-renowned restaurants, energetic nightlife and an extensive array of art and culture offerings. The Republic is located just one block from Rittenhouse Square, and features a rooftop overlooking the scenic park. 

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. The average asking rent in the Center City West submarket for properties with 50 or more units is $2,258, well above the Philadelphia Market average of $1,488. 

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 promote strong rental demand for The Republic.
Last Updated Date: 03 Mar 2022

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Last Updated Date: 03 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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