|Number of units||29|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Legacy at Drexel Arms, a 1910-vintage, 29-unit/116-bed student housing asset located at the intersection of highly trafficked City and Lancaster Avenues in Philadelphia, Pennsylvania. The asset is offered at a significant discount to replacement cost and features immediate rental upside through the implementation of an aggressive leasing strategy while focusing on embedded loss-to-lease recapture. The Property has historically provided housing to St. Joseph's University with immediate access to demand drivers such as Lankenau Medical Center, Philadelphia College of Osteopathic Medicine, and Philadelphia’s Main Line. Furthermore, the Property is adjacent to SEPTA’s Overbrook Train Station providing access to Center City in less than 20 minutes.
LEASE-UP OPPORTUNITY WITH SIZABLE EMBEDDED LOSS-TO-LEASE
- The Legacy at Drexel Arms is 42% occupied providing new ownership the opportunity to implement an aggressive leasing strategy to recapture significant loss-to-lease.
PRIME LOCATION WITH ACCESS TO DEMAND DRIVERS
- The Legacy at Drexel Arms is located in the densely populated Overbrook submarket of Philadelphia, Pennsylvania at the intersection of Lancaster Avenue (Route 30) and City Avenue (Route 1). The Property is adjacent to the Overbrook SEPTA Station, providing direct access to Center City, Philadelphia in under 20 minutes.
PROXIMITY TO ST. JOSEPH’S UNIVERSITY
- The Legacy at Drexel Arms is situated three blocks from St. Joseph’s Campus and is serviced by the University Shuttle and Security. Students are drawn to this property because they are provided both off-campus freedom and proximity to the campus.
RESILIENT MARKET FUNDAMENTALS
- The Overbrook submarket is one of the Philadelphia regions fastest growing submarkets. This is attributable to the large numbers of universities and growing hospitals along City Avenue and in nearby University City.
TAX ABATEMENT BENEFIT
- The Legacy at Drexel Arms received a partial 10-year abatement of real estate taxes, which is available in the City of Philadelphia for new or redeveloped properties.