Dalzell Expands in Philly With $19M Luxury Portfolio
- Aug 23, 2018
Dalzell Capital Partners has extended its Philadelphia footprint with a recent $18.7 million, four-property portfolio acquisition. The luxury communities are all located in Center City and are either newly constructed or recently renovated. Developer Alterra Property Group sold the assets.
The acquisition reflects Dalzell Capital Partners’ strategy of entering stable markets, with assets offering strong value-add opportunities and stable profit. The luxury communities acquired from Alterra have 65 units in aggregate and are located within minutes of Center City’s plethora of shopping, dining and entertainment destinations. The central location ensures access to approximately 400,000 jobs in both Center City and University City, with a large concentration of employers in the education, health and life sciences industries.
The Bradford opened its doors in 2017 and is located at 507 S. 8th St., between Lombard and South Streets. Rittenhouse Realty Advisors brokered the $8.6 million transaction on behalf of Dalzell. The community totals 26 units with high-end finishes, appliances and fixtures, while common-area amenities include a dog run, green roof and outdoor lounge. Another property, Queen Village Lounge, is situated at 427 Monroe St. and formerly served as a school until it was gut-renovated into the 16-unit luxury community. The two other assets are situated across the street from each other, at 1310 and 1311 Spruce St., and both were recently redeveloped into multifamily by Alterra.
“Dalzell Capital’s continued investment in Center City demonstrates our positive long-term outlook on Philadelphia, which is enjoying an accelerating economic expansion,” said Christian Dalzell, managing partner at Dalzell Capital Partners, in a prepared statement.
Photo courtesy of Dalzell Capital Partners