1701 N 2nd St, Philadelphia, PA, 19122-3103, US

The Rally

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Rally (the “Property), a newly constructed, 88-unit apartment community with 7,537 SF of ground floor commercial space located in the Fishtown neighborhood of Philadelphia. The Rally presents a unique opportunity to acquire a newly constructed,

high-profile asset in Philadelphia’s Fishtown neighborhood. This coveted offering allows an investor to take full advantage of a cash flowing asset with significant rental upside through loss-to-lease recapture on new leases and renewals. The Rally is being offered free & clear and as a loan assumption. The existing WSFS loan includes $25.46M amortizing at a 5.50% rate and maturing in 2030.

...

Attributes

Number of units

Occupancy

97%

Year built

2023

Parking spaces

Media

Investment Highlights

Boutique Core Offering

The Rally features market-leading apartment finishes and a best-in-class amenity package complemented by resident-driven ground floor retail tenant, Rival Bros Coffee.

Impressive Leasing Performance

Currently 97% leased, The Rally has achieved 8% rent growth on the last 15 signed leases and 4.5% increases on the last 9 signed renewals.

Full 10-Year Tax Abatement

The Rally has qualified for the full 10-year tax abatement that commenced in 2021, offering an investor outsized cash flow during their hold.

Unmatched Fishtown Location

The asset is within a 10-minute walk to a variety of award-winning restaurants and vibrant nightlife options.