Multi-housing / PRS

Rittenhouse Apartment Portfolio

Philadelphia, PA United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key Facts

Building Area
Last Updated Date 28 Jul 2020

Property Description

Jones Lang LaSalle, Inc. (“JLL”) is pleased to present the opportunity to acquire 262-4 S. 21st Street & 2017 Walnut Street (the “Properties” or the “Portfolio”) a 24 unit, multi-housing portfolio with one ground floor commercial space located in the heart of the prestigious Rittenhouse neighborhood of Center City, Philadelphia. The properties were partially renovated in 2017, setting the stage for new ownership to capitalize on the current $475 premium across the remaining 63% of units. This Portfolio offers a rare opportunity to acquire three well maintained assets in the heart of Philadelphia’s most sought after and wealthiest neighborhood.

Investment Highlights

Value-Add Opportunity

  • 63% of the units are unrenovated and well positioned to be elevated to a luxury scope. As currently positioned, renovated units are achieving an average rental premium of $475 affording new ownership the opportunity to continue the streamlined renovation program and capitalize on the associated premiums.

Significant Capital Infusion

  • Current ownership has invested over $1M of capital into kitchens and bathrooms, the electrical systems, sprinklers, fire systems, HVAC, and basement, affording new ownership the opportunity to focus on revenue generating capital projects. Additional opportunity exists to add amenities such as rooftop space, package delivery systems, bike racks, and more to align the Portfolio with its competitive set.

Rittenhouse Square Location

  • The Portfolio is situated in Philadelphia’s most desirable neighborhood, Rittenhouse Square, with a bevy of high-rise residences and some of the best fine dining experiences in the city. Residents can marvel at their options while also enjoying the luxury retail shopping in the area, all of which surrounds the tree-filled park in Rittenhouse Square.


Carl Fiebig
Carl Fiebig
Managing Director, Capital Markets
License details
PA - RS320618 MD - 5000439

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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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