|Number of units||143|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Pebble Hill Apartments (the “Property” or “Pebble Hill”), a 143-unit, value-add multi-housing opportunity located in Wilmington, Delaware.
Pebble Hill was constructed in 1971 and features 13 three-story buildings, strategically located in North Wilmington, Delaware, just off I-95 at the intersection of Route 202, providing immediate access to Philadelphia and West Chester, Pennsylvania. The Property sits less than two miles from AstraZeneca's Global Headquarters, JP Morgan’s regional corporate campus, and nationally acclaimed A.I. DuPont Children’s Hospital.
Pebble Hill offers competitively unique features including private, recessed, concrete balconies for all 2nd and 3rd floor units, open floor plans, and central air conditioning. Current ownership has implemented a luxury renovation program in 36 units (25% of the unit mix) and has achieved a blended rental premium of $187 per unit. The remaining unit finishes are out-of-sync with renovated product in the market, providing new ownership the opportunity to streamline a renovation program in the remaining 107 classic units and achieve proven rental premiums.
Pebble Hill provides investors a rare opportunity to acquire a multi-housing asset with proven rental upside in a dynamic suburban location.
Compelling Value-Add Opportunity
Current ownership completed a luxury renovation in 36 units or 25% of the unit mix that has commanded a blended average rental premium of $187 above classic units. Pebble Hill provides investors with the opportunity to add significant value to each unit by implementing a comprehensive renovation program in the remaining 107 classic units and capitalize on proven renovation premiums.
Dynamic Submarket Fundamentals
The Upper New Castle County submarket has continued to outperform most of suburban Philadelphia’s rental markets due to a lack of inventory and development paired with its access to several employment centers throughout the region. As a result, rent growth has significantly outperformed the metro’s long-term average, maintaining 3.8% annual rent growth over the past decade. Furthermore, year-over-year rent growth reached 8.9% as of 3Q22.
Jones Lang LaSalle Americas, Inc.
1007 N Orange St
Wilmington, DE 19801