Philadelphia, PA, US, Americas

Sanctuary Lofts and The Rectory

Attributes

Number of units

38 units

Number of buildings

Year built

1889

Year renovated

2015

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Sanctuary Lofts & The Rectory (the “Property" or "Properties”), a 38-unit, value-add apartment opportunity situated on the corner of Fitzwater Street and Grays Ferry Avenue in the highly sought after Graduate Hospital neighborhood of Philadelphia.

The offering consists of two adjacent buildings – (i) Sanctuary Lofts: a unique 30-unit building that was converted from a church in 2014; and (ii) The Rectory: an 8-unit building directly adjacent to Sanctuary Lofts. Floor plans at the Properties range from studio-three bedroom units with open layouts, providing an investor the opportunity to focus on light value-add cosmetic enhancements and management efficiencies to maximize rents across the asset.

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Investment Highlights

Proven Rental Upside

Current in-place rents at the Properties trail the surrounding market comp set by upwards of 30%.

Compelling Market Fundamentals

Per CoStar, year-over-year rent growth in Graduate Hospital is forecasted to reach 11% by Q3 2024.

Irreplaceable Graduate Hospital Location

The Properties are located within walking distance to several large employers including Children’s Hospital of Philadelphia, Penn Medicine, Drexel University, and more.
SEPTA’s Penn Medicine Station and I-76 are minutes away, providing convenient access to University City and surrounding urban and suburban employment destinations.