|Number of units||821|
|Call for Offers||2022-05-03|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Chestnut Hill Village and Blossom Row (the “Properties” or the “Portfolio”), an 821-unit, value-add apartment portfolio located in the prestigious Chestnut Hill neighborhood of Philadelphia, Pennsylvania.
Chestnut Hill Village and Blossom Row are situated on 31 residential acres and are broken into three distinct apartment communities. Chestnut Hill Village, which was constructed in 1965, contains 564 units throughout 14 buildings. The Manor at Chestnut Hill Village, which is a subsection of the Chestnut Hill Village property, was constructed in 1971 and contains 140 private-entry apartments across nine two-story buildings. Lastly, Blossom Row is a unique townhome community, featuring 117 private-entry, two-story townhomes.
Compelling Value-Add Opportunity
- Chestnut Hill Village and Blossom Row offer an investor the opportunity to add significant value through the implementation of a comprehensive renovation program across 810 of the 821 units. While current ownership has maintained the property to a high standard, nearly all units remain unrenovated and will benefit from a luxury in-unit renovation program.
Dynamic Sub-Market Fundamentals
- The Northwest Philadelphia/Manayunk submarket has continued to outperform the MSA from a rent growth and vacancy standpoint due to constraints on new development, relative affordability, and an economically stable renter demographic.
Premier Philadelphia Location
- Chestnut Hill Village and Blossom Row benefit from a strategic, central location with proximity to a magnitude of lifestyle and employment hubs including Conshohocken, Plymouth Meeting, King of Prussia and Center City,
Additional Capital Projects
- In addition to a compelling renovation program, the property has been approved for new ownership to increase residential density through the addition of nine apartments in the vacant commercial space, which will lower the going in basis and add additional revenue for an investor.