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|Number of units||24|
Jones Lang LaSalle Americas, Inc (JLL) is pleased to present the opportunity to acquire The Vesta, a 24-unit, newly constructed, luxury multi-housing offering with 1,875 SF of fully leased commercial space in the Roxborough submarket of Philadelphia, PA. The property was completed in late October and began leasing on November 2nd upon receiving their Certificate of Occupancy from the City of Philadelphia. The Vesta is currently 58% occupied through their first month of leasing, substantiating the increased demand for Class-A apartments in the Roxborough submarket. New ownership is provided the opportunity of acquiring a luxury asset during lease-up in a growth-oriented submarket that features below-market rents and is proximate to an abundance of local amenities along the Ridge Avenue corridor.
Growing Residential Submarket
As currently positioned, the Property’s in-place rents trail the market by approximately $100-$200, providing new ownership the opportunity to capitalize on the surging demand for this location and further increase rents upon turnover while maintaining a competitive edge. Given this submarkets’ relatively affordable rents, Roxborough has received minimal impact from COVID-19, as result, maintained 3.0% rent growth throughout 2020. Roxborough will remain a viable target for investors looking for steady long-term rent growth.
Tax Abatement Benefit
The Vesta qualifies for a 10-year tax abatement of real estate taxes, which is available in the City of Philadelphia for new development. The abatement is limited in whole or in part to that value that has been added to the Property due to the qualifying improvements. The land value remains fully taxable during the abatement period.
Dynamic Roxborough Location
The Vesta is located along the Ridge Avenue corridor, in the dynamic Roxborough neighborhood of Philadelphia. The Property’s central location is highly visible and provides residents convenient access to Philadelphia’s suburban and urban employment hubs including Conshohocken, King of Prussia, Bala Cynwyd, and Center City Philadelphia, accessible via the Ivy Ridge SEPTA station, Ridge Ave SEPTA bus stop, I-76, and Henry Ave. The Property is also proximate to a variety of neighborhood amenities including ShopRite, Target, CVS, and dozens of local restaurants and entertainment in downtown Manayunk and Roxborough.