Academia Suites | 111 Units
East Oak Lane | Philadelphia
Overview
- Offering Price $12,900,000
- Unit Count 111
- Pro Forma CAP Rate 7.4%
- Price per Unit $116,216
- Building Size 45,520 SF
- Lot Size 101,500 SF
On behalf of Ownership, GREA offers qualified investors the opportunity to acquire the fee simple interest in Academia Suites, a 111-unit apartment community in Philadelphia’s East Oak Lane neighborhood. Built in 1965, Academia Suites served as dormitories for medical students at the Eye Institute (now Salus University).
After the Eye Institute moved operations to its Elkins Park location, Lindy Communities (the second owner ever of the Property) purchased the vacant dorms and converted them to market rate apartments. In 2010, Building #1101 was fully renovated with new kitchens, HVAC, windows, and floors. Within the last 6 to 7 years, the top floor of Building #1101 was fully renovated (Units S401-S412). In addition, within the last 10 years, both buildings had solar panels installed, and Building #1100 received new individual heating and cooling units (through-the-wall PTAC units), a new fitness center, and a common laundry room (see Offering Memorandum for a complete list).
East Oak Lane offers a unique historical charm as one of the oldest neighborhoods in the City of Philadelphia. It is known for its beautiful and diverse architectural styles such as Victorian, Colonial Revival, and Tudor Homes. In addition, the neighborhood boasts open green spaces and parks for residents to enjoy. The local neighborhood associations are extremely active and committed to maintaining the area's character and safety.
Academia Suites is strategically located near major roadways, specifically Routes 1 and 611. It provides easy access to numerous public transportation options including the Rock Transportation Center, making it convenient for residents to commute to other parts of the City and its surrounding suburbs.
A well-maintained property, Academia Suites is an excellent investment opportunity. A new buyer can keep the apartment units “as is” and increase rents by 10%, or if one chooses to renovate all kitchens and baths, a rental increase of 20% could be obtained. In addition to rental upside, Academia Suites can be acquired at a very attractive basis going in at ±$120,000 per unit.
