PHILADELPHIA, PA – Sentinel Real Estate Corporation announced the acquisition of Hill House Apartments, a 188-unit apartment building in Chestnut Hill, a desirable suburb of Philadelphia. As one of the few shared apartments in Chestnut Hill, Hill House Apartments offer luxury apartment living in a highly sought-after area where rents are significant value compared to downtown Philadelphia.
"With Hill House Apartments we are acquiring a well-positioned asset where we can leverage strategic capital improvements to create additional value," said Michael Streicker, President of Sentinel. “The high barriers to entry in the district make construction difficult – interestingly, since 1991 only 700 units have been delivered within a five kilometer radius of the property. Since no new offer is planned on the market in the foreseeable future, an average household income of 158,000 US dollars and a sub-market vacancy rate of 4.2 percent, we expect numerous factors that will continue to make this property and this location attractive. "
In the heart of historic Chestnut Hill, known as Philadelphia's Garden District and named one of the top seven urban enclaves in the United States by Forbes, Hill House offers amenities and living comforts with views of the city skyline across a range of floor plans, from studios to three bedroom, three bathroom apartments. Each unit has luxurious finishes like quartz countertops, stainless steel appliances, hardwood floors, and spacious closets. Communal facilities include a 24-hour doorman, fitness center, resort-style pool, outdoor lounge area, and lounge with free Starbucks on tap.
The previous owner ran an extensive capital improvement program that included upgrades to indoor units and building systems, as well as improvements to common areas including the lobby, rental office, communal hallways, outdoor areas and landscaping. Sentinel has the ability to add value over time by renovating the remaining indoor units.
In its 51-year history, Sentinel has acquired a national portfolio of multi-family properties on behalf of national and international institutions. The company will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities across the region.