叫價 查詢售價
面積
淨營運收入 淨營運收入 不適用
投資回報率 不適用

文件

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我接受保密協議 我接受保密協議
歡迎建立您的 Investor Centre 帳戶,儲存您的搜尋結果及設定投資偏好,儲存及分享投資機遇,查閱獨家文件及更多。如有疑問,請查閱<a href="#">「常見問題」。</a> 您必須先簽署保密協議才可查閱上載於交易室內的專用文件。一經簽署保密協議,表示您同意及確認不會洩露及公開有關本物業的敏感資料。如有疑問,請查閱「常見問題」。

特點

落成年份 1987
建築面積 淨收入
Number of units 335
入住 94.0 %
要約邀請 2022-05-12

物業簡介

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire One Franklin Town (the “Property”), a 335-unit, generational high-rise apartment community located in the coveted Philadelphia neighborhood of Logan Square. Completed in 1987, One Franklin Town features 335 apartment homes ranging from studio to three-bedroom floorplans, averaging 966 square feet. To date, ownership has renovated 54 units, or 16% of the unit mix to a luxury scope and has achieved rental premiums of more than $250, providing future ownership with the opportunity to streamline a renovation program in the remaining 281 classic or previously renovated units and capitalize on proven rental increases. Furthermore, as currently positioned, the Property’s classic and renovated rents trail its competitive set by more than 10%, allowing new ownership to immediately increase rents and recapture sizable loss-to-lease upon acquisition. The average resident income at the Property exceeds $97,000, further supporting the rental upside thesis.

投資亮點

PROVEN VALUE-ADD OPPORTUNITY

  • One Franklin Town was constructed in 1987 and has been professionally maintained since. Current ownership has successfully renovated 16% of the Property, achieving average rental premiums of more than $250 above classic and previous renovated unit finishes. Today, 62% of the units have received an aging renovation and 22% of the units remain classic, featuring dated finishes that no longer compete with the surrounding competitive set. New ownership is provided an exceptional opportunity to renovate the remaining classic and previously renovated units (84%) to a modern luxury scope that will command quantifiable rental premiums.

STABLE CASH FLOW WITH RENTAL UPSIDE

  • As a result of the pandemic, rents across Center City were not maximized over the trailing 24-month period, leaving investors the ability to capitalize on a sizable loss-to-lease upon acquisition while developing a comprehensive renovation program. Per CoStar, the current average market rent for 1950+ vintage properties (150+ units) in the Center City West submarket is $2,345, which is more than 15% above One Franklin Town’s average in-place rent of $2,018 allowing an investor to immediately increase rents upon turnover and renewal.

IRREFUTABLE DEMAND DRIVERS

  • Logan Square’s luxury apartment market is supported by Center City's healthy labor pool and outstanding demographics. In addition to the supportive submarket-level employment fundamentals, One Franklin Town’s renter demographic consists largely of educated, high-earning professionals that are insensitive to price increases, further supporting the rental upside opportunity.

STEPS AWAY FROM RENOWNED PHILADELPHIA ATTRACTIONS & DEMAND DRIVERS

  • One Franklin Town is conveniently located in Logan Square, a neighborhood that combines top city attractions, corporate and municipal office buildings and luxury high-rises along pedestrian-friendly, tree-lined streets. Bordered by Broad Street to the east, the Schuylkill River on the west, Market Street on the south and Spring Garden Street on the north, the neighborhood benefits from its centralized location, which is aided by its main artery – the Benjamin Franklin Parkway. A surplus of museums and other iconic Philadelphia landmarks border the parkway and add ample outdoor green spaces for relaxation and fun. The parkway also provides direct access to Center City Philadelphia in minutes.
Last Updated Date: 30 Mar 2022

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Last Updated Date: 30 Mar 2022

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