6144 Germantown Ave, Philadelphia, PA, 19144, US

Sparrow House

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Sparrow House (the “Property”), a newly constructed, 50-unit apartment community featuring 2,047 square feet of fully leased ground floor commercial space located in the historic West Germantown neighborhood of Philadelphia, PA. The Property is being offered below replacement cost and features additional rental upside through both organic rent growth and loss-to-lease recapture upon turnover.

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Attributes

Units

Occupancy

98%

Year built

2023

Media

Investment highlights

New Construction Offering

Constructed in 2023, the Property features market-leading luxury finishes and a collection of community amenities including a furnished roof deck, fitness center, community lounge, and bike storage area.

Impressive Leasing Performance

Sparrow House was delivered in June 2023 and reached stabilization in 6 months. The Property is currently 98% occupied, further emphasizing the strong renter demand.

Additional Rental Upside

Current market rents for best-in-class product in the submarket are approximately 5% above the current in-place rents at Sparrow House, allowing new ownership to increase rents upon turnover and capitalize on additional rental upside.

Historic & Quaint Neighborhood Charm

Situated on the border of West Germantown and Mt. Airy, the Property benefits from its walkability to a collection local coffee shops and outdoor parks, adding to its overall charm and appeal.