|Building Area Net||
|Land Area Net||
|Number of units||144|
|Call for Offers||2022-04-06|
Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to present the opportunity to acquire The Republic (the “Property”), a 22-story, 144-unit, value-add multi-housing offering strategically located in the Rittenhouse Square neighborhood of Philadelphia, Pennsylvania.
The Republic was constructed in 1920, converted to apartments in 2003, and renovated in 2016. The Property features a diverse blend of studio, one-, and two-bedroom units averaging 695 square feet. In addition to 144 apartments, The Republic features 5,267 square feet of fully-leased commercial space along with a vibrant resident lounge, game room with billiards and shuffleboard, state-of-the-art fitness center, yoga and spin studio, conference room, social kitchen, and concierge.
PROVEN VALUE-ADD OPPORTUNITY
- The Republic presents an extremely rare opportunity for qualified investors to acquire a generational offering with proven rental upside in a premier Center City location. The unit mix features 84 renovated and 60 classic units, providing new ownership with the opportunity to continue or modify the existing renovation program and capitalize on rental increases of $300 moving forward.
IRREPLACEABLE RITTENHOUSE LOCATION
- The Property is located in Rittenhouse Square, Center City Philadelphia’s most sought after neighborhood. Boasting some of the highest per square foot rental rates in the city, Rittenhouse Square features luxury hotels, high-end retail, world-renowned restaurants, energetic nightlife and an extensive array of art and culture offerings. The Republic is located just one block from Rittenhouse Square, and features a rooftop overlooking the scenic park.
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. The average asking rent in the Center City West submarket for properties with 50 or more units is $2,258, well above the Philadelphia Market average of $1,488.
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 promote strong rental demand for The Republic.