Spruce Hill Apartments

4525 Walnut Street Philadelphia, PA 19139

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Property Details

  • Price$ 13,200,000
  • Property TypeMulti Unit Housing
  • NeighborhoodUniversity City
  • Number of Units40
  • Lot Size0.46 acres
  • Price/Unit$ 330,000
  • Price/Bedroom-
  • Year Built2016

Investment Highlights

  • New Construction: 10-Year Real Estate Tax Abatement
  • Purpose-Built Student Housing Units: Outstanding 1:1 Bed-Bath Parity
  • Exceptional Unit Mix: 100% Three-Bedroom/Three-Bath Units
  • Occupancy Rate: 100% Leased Since being Built
  • University City/Spruce Hill Location: Most Livable, Walkable and Bikeable Area of Philadelphia
  • World Class Universities & Medical Facilities: University of the Sciences Philadelphia, University of Pennsylvania, Drexel University, Penn Medicine and Children’s Hospital of Philadelphia

Investment Overview
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Spruce Hill Apartments. Situated in the vibrant University City/ Spruce Hill section of Philadelphia, Spruce Hill Apartments contains 40 units (120 bedrooms) that rent primarily to University of Sciences (USciences), University of Pennsylvania (UPenn) and Drexel University (Drexel) students.

The University City/Spruce Hill area of Philadelphia is well known for being home to some of the best educational facilities and hospitals in the world – University of the Sciences, the University of Pennsylvania, Drexel University, Hospital of the University of Pennsylvania (Penn Medicine), and Children’s Hospital of Philadelphia (CHOP). University City/Spruce Hill is a livable, walkable, bikeable residential neighborhood that is currently in a period of growth and expansion.

Spruce Hill Apartments is newly-constructed, completed in 2016, and contains a unit mix of 100% three-bedroom/three-bath units, purpose-built for student housing. This bedroom/bathroom ratio of 1:1 is ideal for students. In addition, the property offers ample bicycle storage, on-site laundry facilities (included in rent), Wi-Fi (included in rent), fitness room, video camera entrance, and sprinklered fire system. Every unit offers high ceilings, large closets, hardwood floors and carpeting. The kitchens feature granite countertops with stainless steel appliances. The units’ high-end finishes and premium kitchens and baths separate themselves from their competitors and provide luxury living for their tenants. The property is 100% occupied with average in-place rent of $2,055 with tenants paying utilities (except water/sewer), and this rent is approximately 5% below market.

Spruce Hill Apartments offers a strategic location along Walnut Street. The University City/Spruce Hill neighborhood is well served by world-class medical facilities and universities. This 2.4 square mile area features:

  • $3.5 billion of new or recently completed real estate projects;
  • More than 72,000 jobs;
  • 93% commercial office occupancy rate;
  • Nearly tripling of median home values over the past decade;
  • 44% of all national institutes of health investments in the entire state; and
  • $1 billion in R&D expenditures among institutions of higher education.

Spruce Hill Apartments presents an outstanding opportunity to acquire 40 units (120 bedrooms) located in one of the most exciting livable, walkable, bikeable residential areas of Philadelphia.

Offering Memorandum


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NOTE: Outside Brokers must complete this Cooperating Broker Agreement and return via email to info@rittenhouserealty.com or fax to 267-324-3394.

Brokers

Corey Lonberger
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
corey@rittenhouserealty.com

Mark Duszak
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
mark@rittenhouserealty.com

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
ken@rittenhouserealty.com

Douglas Emrich
Tel: (215) 454-2852 EXT 1005
Cell: (610) 733-8482
License: PA RS320748
doug@rittenhouserealty.com



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