$185MM Mixed-Use Loan Sale | Washington, DC
US - Washington, DC
€171,929,000 | 45,411 m²
Portfolio description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Sanctuary Lofts & The Rectory (the “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.
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Attributes
Building area Gross
3,209 m²
Sanctuary Lofts and The Rectory (2 Properties)
Sanctuary Lofts and The Rectory (2 Properties)
Media
Investment Highlights
PROVEN RENTAL UPSIDE
- Current in-place rents at the Properties trail the surrounding market comp set by more than 25%.
- Since January 2023, ownership has successfully increased rents by approximately $80 or 5% on average, and has achieved premiums upwards of $200 or 10%.
COMPELLING MARKET FUNDAMENTALS
- Per CoStar, year-over-year rent growth in Graduate Hospital is forecasted to reach 14% by Q2 2023.
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.
Contact brokers
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Last updated
4 May 2023
