|Number of units||320|
JLL is pleased to present the opportunity to acquire The Smith, a 320-unit, Class-A multi-housing mid-rise delivered in 2019, positioned in the heart of Suburban Philadelphia’s most desirable residential destination, King of Prussia, PA. The Smith features a range of well-designed luxury studio, one, two, and three-bedroom units averaging 913 square feet and boasts state-of-the-art unit finishes with a best-in-class amenity package. The Property performed exceptionally well through 2020 and is building momentum heading into the 2021 leasing season, having achieved in the past month their largest increases on lease renewals and trade outs yet. The Smith's irreplaceable location combined with the asset's superior quality offers investors the opportunity to capitalize on significant rental upside from pent-up demand for high-end suburban luxury apartments in Philadelphia's premier residential destination.
Outstanding Leasing Momentum
- The Smith has begun to capitalize on this pent-up demand and push rental rates on both their lease renewals and new leases being signed. The Smith heads into the most active leasing season of the year with spectacular momentum, achieving an average net effective rental increase of $87 (5%) and $134 (8%) on the 25 and 10 most recent new leases, respectively.
Opportunity To Add Value
- The Smith presents a unique opportunity to add value immediately through the installation of premier apartment package finishes. Of the 320 units, 64 units come equipped with a premier unit appliance & finishes package that achieves a $75 premium. An investor is presented the opportunity to continue this program throughout the property to capitalize on quantifiable rental premiums.
Dynamic Suburban Location
- The Smith is located in the 390,000 square foot King of Prussia Town center, providing residents with direct access to a 125,000 square foot Wegmans. The Property is less than one mile from the second largest mall in the country, the nearly 3 million square foot King of Prussia Mall. Residents further benefit from proximity to other local amenities such as the 3,600-acre Valley Forge National Historical Park, and the 100,000 square foot Valley Forge Convention Center. King of Prussia offers a bevy of options, truly creating the suburban “Live, Work, Play” experience.