Apartments @ 1220
1220 N. Broad Street; Philadelphia, PA 19121
- Property TypeStudent Housing
- NeighborhoodTemple University
- Number of Units294
- Lot Size0.68 acres
- Year Built1940
- Highly Visible Location along North Broad Street Next to Temple University (37,000± Students)
- Temple University Shuttle (OWLoop) Stops Directly in Front of the Property
- Directly Across the Street to Temple University’s 9.6 Acre Sports Complex
- One Block from SEPTA’s Busiest Express Rail Station (Girard Station)
- Numerous New Developments both North and South of this Location
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire The Apartments @ 1220. The property is an urban high-rise residential complex catering to Temple University (37,000± enrolled students) in Philadelphia, Pennsylvania. The Apartments @ 1220 contains 294 apartments, approximately 7,202 square foot of street-level retail space, income producing rooftop antennas and garage parking.
Strategically located along North Broad Street just three blocks from Temple’s main campus, The Apartments @ 1220 cater to undergraduate students, foreign exchange students, graduate students, medical residents, and university-related employees. In addition, the property is located one block from SEPTA’s busiest express rail station (Girard Station) which is only two stops from Center City.
Built in 1940 and renovated in 2008, the 15-story, high-rise features 294 apartments. The unit mix is excellent with 61% one-bedroom units, 23% two-bedroom units and 17% studio units. Tenants pay electric and ownership pays heat, hot water, and cold water/sewer. There are 3 retail tenants, 4 roof-top antennas and 40 garaged parking spaces.
Since acquisition in 2007, ownership began a major capital improvement program focused primarily on the property’s expansive common amenity space, lobby, and building infrastructure. The first floor entrance and common area (approximately 25,000 square foot) have been completely gut-renovated with LED lighting, new HVAC and tenant lounge/study rooms. They also implemented a focal point exterior lighting program by installing an eight-preprogrammed light show which makes The Apartments @ 1220 stand out along the North Broad Street corridor. This corridor continues to expand with new developments both north and south of this location. New developments have been completed this year along the corridor including conversion of the former Philadelphia State Office Building to apartments and Temple University’s 9.6 acre sports complex directly across the street from The Apartments @ 1220. Additional projects are currently under construction in the immediate area including the restoration of the Divine Lorraine Hotel into apartments and the ambitious transformation of the Philadelphia Metropolitan Opera House to a concert and dining venue. Nine more projects have also been proposed, including a major residential conversion near the Freedom Theater, a restoration of the landmark Beury Building at the Broad-Erie-Germantown intersection, and the renovation of the historic Uptown Theater.
The Apartments @ 1220 presents a value-add opportunity for new ownership to upgrade the common hallways, unit interiors with renovations to kitchens and baths, continue window replacement, and install HVAC units in each residence. New ownership could shift the utility burden from gas to electric through the installation of individual HVAC units. Sufficient electric power already exists to do this. Additionally, by repositioning the street-level retail tenants to serve as an amenity to the property, new ownership can improve pedestrian visibility while offering current residents desirable amenities.
The Apartments @ 1220 offers a value-add opportunity to acquire student housing with critical mass adjacent to a Temple University’s 37,000± student body along a major corridor that is transitioning into one of Philadelphia’s more convenient and exciting neighborhoods.
Offered Unpriced; Debt in Place to be Assumed
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487
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