NEW YORK (August 20, 2021) – Sentinel has recently acquired Hill House at Chestnut Hill, a 188-unit multifamily property in Chestnut Hill, a desirable suburb of Philadelphia. As one of very few apartment communities in Chestnut Hill, Hill House at Chestnut Hill provides luxury multifamily living in a highly sought-after neighborhood where rents present a significant value as compared to Downtown Philadelphia.
“In Hill House at Chestnut Hill, we are acquiring a well-repositioned asset where we can leverage strategic capital improvements to create additional value,” said Michael Streicker, President of Sentinel. “The neighborhood’s high barriers to entry make it difficult to build – interestingly, only 700 units have been delivered within a three-mile radius of the property since 1991. With no new supply planned in the market for the foreseeable future, an average household income of $158,000, and a submarket vacancy rate of 4.2 percent, there are numerous factors that we expect will continue to make this property and location attractive.”
Located in the heart of historic Chestnut Hill – which is known as Philadelphia’s garden district and was named by Forbes as one of the top seven urban enclaves in the United States – Hill House at Chestnut Hill provides amenity-rich living with skyline views of the city across a range of floorplans, from studios to three-bedroom, three-bathroom apartments. Each unit features luxury finishes such as quartz countertops, stainless steel appliances, hardwood floors and spacious closets. Community amenities include a 24-hour doorman, a fitness center, a resort-style pool, an outdoor patio living space, and a resident lounge with complimentary Starbucks on tap.
The previous ownership has executed an extensive capital improvement program, which comprised upgrades to interior units and building systems, as well as improvements to common spaces including the lobby, leasing office, common hallways, outdoor amenities and landscaping. Sentinel has the opportunity to realize additional value creation by renovating the remaining interior units over time.
Over its 51-year history, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities throughout the region.