Apartments Need Empty Nesters Too
It's not quite enough to rely on Millennials to rent your apartments—Baby Boomers have their place, too. Especially empty nesters who want to savor a city that's changed a lot since they were young.
"The Philadelphia rental market will remain strong so long as Millennials and empty nesters continue to embrace the convenience and flexibility of renting," Equus Capital Partners VP Greg Curci tells us. (He's snapped hiking “The Narrows” in Zion National Park with his wife, Chrissy.) Recently Greg oversaw the acquisition by Equus of Hill House Apartments, a 188-unit apartment high-rise in Chestnut Hill for $42M.
"While the influx of new supply in Center City makes that area slightly more vulnerable than the suburbs in terms of rent growth, we anticipate strong demand to continue across the region,” Greg says. At 95% occupied, Hill House has already done well in attracting tenants. Over the coming months, Equus will invest about $5M to improve the property's common areas and amenities, as well as to complete the unit interior upgrades that were begun under the prior ownership. The seller in the deal, the family of the original developer, was repped by Rittenhouse Realty Advisors.