Multi-housing / PRS

The Point at City Line

6100 City Ave Philadelphia, PA United States 19131-1239
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

Year Built 1983
Building Area
Land Area
Last Updated Date 27 Jul 2020

Property Description

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.

Investment Highlights

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 The affluence of the surrounding market affords investors the opportunity to enhance the outdated finishes with modern granite/quartz countertops, stainless steel appliances, tile backsplash, LVT flooring, and various other contemporary upgrades.

Undeniable Resiliency

  • 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.
Mark Thomson
Mark Thomson
Senior Managing Director, Philadelphia Office Co-Head
License details
DE-RS0019034 MD-5000570 PA-RS292417
Jose Cruz
Jose Cruz
Senior Managing Director, New Jersey Office Co-Head
License details
NJ-8743725

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