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|Last Updated Date||27 Jul 2020|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Point at City Line (“City Line” or, the “Property”), a 302-unit, value-add, transit-oriented high-rise located in Philadelphia along the heavily traveled City Avenue (Route 1), and adjacent to the prestigious Main Line. City Line represents a unique value-add offering that presents the opportunity to acquire a largely unrenovated, high-profile asset of scale, adjacent to St. Joseph’s University and the Overbrook SEPTA Regional Rail Station, in one of the most sought-after, employment-rich locations of Philadelphia.
Compelling Value-Add Opportunity
- The Point at City Line is largely unrenovated, setting the stage for new ownership to complete a contemporary unit renovation and capitalize on the associated premiums. The affluence of the surrounding market affords investors the opportunity to enhance the outdated finishes with modern granite/quartz countertops, stainless steel appliances, tile backsplash, LVT flooring, and various other contemporary upgrades.
- The Point at City Line has proven to be undeniably resilient, which can be attributed to the mature resident demographic and proximity to employment, public transportation, and Philadelphia’s essential “Eds and Meds” economic anchors.
Strong Cash Flowing Opportunity
- Unaffected by crisis, The Point at City Line has operated at an average occupancy of 94.5% and collected 96% of rents in April and May, which is reflective of the greater MSA’s peak performance and above our nearby competing markets such as New York, Washington D.C., and more.