|Number of units||80|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Point at Rittenhouse Row (the “Property” or “The Point”), a 13-story, 80-unit, value-add apartment building situated on the vibrant corner of 16th and Sansom Street in the coveted Rittenhouse Square neighborhood of Philadelphia.
Constructed in 1910 and renovated in 2001, The Point features 80 units averaging 831 SF and 11,375 SF of occupied commercial space. The Property consists of one- and two-bedroom apartment homes featuring white appliances and cabinetry, laminate countertops, carpet flooring, and original fixtures. An investor is presented the opportunity to completely reposition the asset through a streamlined renovation program that includes quartz countertops, shaker-style cabinetry, stainless steel appliances, and modern LVT flooring, which will garner rental premiums greater than $300. In addition to a streamlined renovation program, an investor is provided the opportunity to capitalize on recent leasing momentum as Philadelphia continues to recover from COVID-19. Today, rental rates in Rittenhouse have returned to pre-pandemic levels, as evidenced by nearly 7.5% year-over-year rent growth. Furthermore, since May-22, average rents on new leases have increased 7% and 36% for one- and two-bedroom units, respectively.
UNMATCHED VALUE-ADD OPPORTUNITY
- The Point at Rittenhouse Row offers an investor the opportunity to add significant value through the implementation of a comprehensive renovation program across all 80 unrenovated units. Occupancy levels at the Property have remained consistent over the past decade, providing new ownership the ability to capitalize on strong in-place fundamentals while developing a systematic unit renovation strategy to further increase rents.
HIGH BARRIER TO ENTRY
- The Property’s Rittenhouse location promotes long-term appreciation in value for new ownership based on the lack of developable parcels and obsolete buildings in core Center City between Rittenhouse Square and Washington Square. This fact coupled with prosperous rental market fundamentals will ensure strong rental demand for The Point at Rittenhouse Row.
- The Point at Rittenhouse Row is located in the densely populated, affluent Rittenhouse Square neighborhood of Center City, Philadelphia. With average home sale values of $765,011 in Rittenhouse Square, the Property provides residents with a discounted cost of living, without sacrificing the conveniences that residents are accustomed to.