Two Philadelphia multi-housing properties sell
JLL Capital Markets completed the sale of The Broderick and The Republic to Sentinel Real Estate Corporation
PHILADELPHIA, July 29, 2022 – JLL Capital Markets announced today that it has closed the sale of the 69-unit The Broderick and the 144-unit The Republic, two value-add, multi-housing communities located in Philadelphia’s Society Hill and Rittenhouse neighborhoods.
JLL represented the seller, a partnership between Barings Real Estate and MRP Realty. Sentinel Real Estate Corporation acquired the assets in individual transactions.
The Broderick features one-bedroom and two-bedroom units with an average size of 854 square feet and 5,240 square feet of ground floor retail space. The property features a resident lounge with billiards and gathering space on the top floor in a modernized board room and an entertaining kitchen featuring a marbled topped communal table. The Republic offers a diverse blend of studio, one- and two-bedroom units averaging 695 square feet. In addition to 144 apartments, the community features 5,267 square feet of fully leased commercial space, along with a vibrant resident lounge, game room with billiards and shuffleboard, state-of-the-art fitness center, yoga and spin studio, conference room and social kitchen. Both properties were strategically renovated by current ownership.
Positioned at 400 Walnut St., The Broderick is in the Society Hill neighborhood and offers a variety of local amenities, renowned restaurants and luxury retail. The property is two blocks from Washington Square and overlooks some of Philadelphia’s most popular attractions, including Independence Hall, the Liberty Bell, the Benjamin Franklin Museum and Carpenters’ Hall. The Broderick is situated within walking distance to the SEPTA Regional Rail’s 5th Street and Independence Hall Station and is less than 0.5 miles to the I-676 / I-95 Interchange. Located at 1930 Chestnut St., The Republic is situated in Rittenhouse Square, which features luxury hotels, high-end retail, world-renowned restaurants, energetic nightlife and an extensive array of art and culture offerings. Furthermore, the property is within a 10-minute walk to over 46.8 million square of Class A office space both in Center City and University City. In addition, residents are proximate to various public transportation options along SEPTA’s Market-Frankford line via 30th Street Station and the 19th Street Trolley Station.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Managing Directors Mark Thomson and Carl Fiebig, Senior Director Francis Coyne and Director Tyler Margraf.
“The Broderick and The Republic represent institutional-quality, value-add real estate in Philadelphia’s most core neighborhoods, Society Hill and Rittenhouse Square. Philadelphia’s resiliency during the pandemic is evident through our Center City transaction volume,” said Fiebig.
“The Broderick and Republic are number six and seven of our recent $400+ million Center City sales. Philadelphia has traditionally been a lower velocity market, but we are seeing more activity than ever before,” added Thomson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.