Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Pebble Hill Apartments (the “Property”), a 143-unit, suburban value-add multi-housing opportunity located in Wilmington, Delaware.
Pebble Hill was constructed in 1971 and features 13 three-story buildings. Strategically located just off I-95 at the intersection of 202 in North Wilmington, Delaware, the Property offers immediate access to neighboring demand drivers in Philadelphia and West Chester, Pennsylvania. The Property also sits less than two miles from AstraZeneca’s Global Headquarters, JP Morgan’s regional corporate campus, and nationally acclaimed A.I. DuPont Children’s Hospital.
Pebble Hill offers unique features including private, recessed, concrete balconies for all 2nd and 3rd floor units, open floor plans, and central air conditioning. Current ownership has implemented a luxury renovation program in 59 units (41% of unit mix) and has achieved a rental premium upwards of $100 per unit. Furthermore, current ownership has addressed nearly all outstanding deferred maintenance and replaced cabinets and countertops as needed. The remaining original unit finishes are out-of-sync with renovated product in the market, providing new ownership the opportunity to streamline a renovation program in the remaining 84 classic units (59% of unit mix) and achieve proven rental premiums.
Pebble Hill provides investors a rare opportunity to acquire a multi-housing asset with proven rental upside in a dynamic suburban location.
Compelling Value-Add Opportunity
- Pebble Hill provides investors with the opportunity to add significant value to each unit by implementing a comprehensive renovation program in the remaining 84 classic units and capitalize on proven renovation premiums upwards of $100.
Strong Submarket Fundamentals
- The submarket achieved 4.3% rent growth in 2023 Q2 and is expected to exceed 3.5% rent growth for the foreseeable future.
Dynamic North Wilmington Location
- Pebble Hill is strategically situated immediately off I-95, less than two miles from the shopping, restaurants, and nightlife of downtown Wilmington, DE.