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|Last Updated Date||01 Jul 2020|
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.
- 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.