|Building Area Gross||
|Number of units||97|
|Call for Offers||2022-04-12|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Roosevelt Apartments (the “Property”), an exceptional, 97-unit value-add opportunity located at the intersection of 23rd and Walnut Street in the coveted Rittenhouse Square neighborhood of Philadelphia, Pennsylvania.
Proven Rental Upside
- Roosevelt Apartments presents new ownership with an extremely-rare opportunity to acquire a timeless asset with proven upside in a premier urban destination. Current ownership has spent more than $3MM addressing several deferred maintenance items including hallway renovations and unit upgrades, allowing new ownership to focus on maximizing rental income through a streamlined unit renovation program.
Resurgent Urban Multi-housing Fundamentals
- Rittenhouse commands the highest average rent of any neighborhood in the city of Philadelphia with approximately 65% of the housing stock (apartments, townhomes, and condominiums) renter occupied.
Irreplaceable Rittenhouse Location
- Roosevelt Apartments is located at the convergence of Rittenhouse and Fitler Square. The Property’s coveted location allows residents to experience the best of Rittenhouse, Fitler Square, and University City. Residents are just blocks from the tree-lined streets of Fitler Square and the Schuylkill River trail, while remaining proximate to high-end retail, world-renowned restaurants, energetic nightlife, and an extensive array of cultural offerings in Rittenhouse Square.
High Barriers 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 re-surging multi-housing fundamentals, will ensure strong rental demand for Roosevelt Apartments.