Luxury Multi-Housing High Rise for Sale in Center City Philadelphia

Thursday, April 11, 2019

Holliday Fenoglio Fowler, L.P. (HFF) is marketing an unparalleled 163-unit, Class A multi-housing high rise for sale that is strategically located in the heart of Center City Philadelphia. Goldtex is the premier luxury high rise in City Center and presents a rare opportunity to acquire a trophy asset in a Qualified Opportunity Zone.  

Goldtex features 163 luxury apartments, over 5,350 square feet of occupied Class A retail space occupied by Johnny Mañanas and Elixr along with a 28-car parking garage. The apartment building comprises a contemporary resident lobby and high-traffic retail on the street level, nine stories of luxury apartments, and an unrivaled indoor/outdoor amenity space on the 11th floor highlighted by a state-of-the-art fitness center and year-round rooftop pool, hot tub and sun deck with irreplaceable panoramic Center City skyline views. The multi-housing property for sale offers a variety of unique unit layouts, ranging from studios to three-bedroom units.

Prominently situated in the heart of Center City Philadelphia, Goldtex offers immediate walkability to a magnitude of national employers throughout the region’s densest office corridor. Additionally, residents benefit from the property’s proximity to numerous world-renowned restaurants, luxury retail and convenient highway access. The highly coveted location offers an energetic nightlife and an extensive array of art and culture, attracting a diverse resident demographic.

Goldtex is being offered with an in-place loan assumption.

Multi-Housing Community for Sale Investment Highlights

  • Premier Luxury High-Rise:  Completed in 2014, Goldtex broke the Class A luxury apartment barrier, creating a five-star environment suited to meet the needs of today’s urban renters. The Property offers an elegant modern design with unique floor plans, ranging from studios to three-bedroom units, spread among nine residential stories. Units offer soaring 14-foot ceilings with a contemporary living space, massive 10-foot windows with electric blinds and luxury kitchens featuring quartz countertops, stainless steel appliances and modern dark chocolate cabinetry.
  • Excellent Accessibility:  Goldtex’s ideal location places its residents within a short walk to a magnitude of national employers, award-winning restaurants and luxury retail. In addition to its extremely walkable location, the multi-housing property for sale offers residents convenient access to all major arterial roadways of the region, including Interstates 76, 95 and 676. Goldtex’s central location provides its residents with multiple forms of public transportation, including numerous bus, subway and regional train lines providing immediate accessibility to the entire city and its surrounding suburbs. Amtrak’s 30th Street Station, the third busiest stop along the nation’s northeast rail corridor, is also only 1.5 miles away.
  • Rare Trophy Asset in Qualified Opportunity Zone:  Goldtex is uniquely positioned in a Federal Opportunity Zone, which was designed by congress to stimulate economic and job growth. The new provision allows investors to roll their capital gain tax liabilities into new investments on a tax deferred basis through these Qualified Opportunity Funds. Unlike a 1031 Exchange, the IRS does not require the total proceeds from a sale to be reinvested, the law only requires the gain to be reinvested in a Qualified Opportunity Fund. The investor appetite and amount of capital for opportunity zone tracts have multiplied exponentially in the past year. Investors are eager to find creative ways to deploy Opportunity Zone capital towards existing assets as well as new development. In addition to Goldtex, the area surrounding the site is receiving significant attention though the lure of opportunity zones.
  • Stable Market Fundamentals:  Since the early 2000’s, Center City Philadelphia has been transformed from an education and medical hub with a 9-to-5 office district, into a thriving, mixed-use setting for business, innovation, cultural and civic activity, as well as one of the fastest-growing residential locations in the country. Workers, residents and visitors are attracted to a flourishing, live-work-play environment that includes over 42 million square feet of office space, 11 major colleges and universities, five healthcare institutions, more than 11,000 hotel rooms, more than 1,110 retailers, 426 arts and cultural organizations, over 500 full-service restaurants and 365 outdoor cafés offering more than 5,200 sidewalk seats. The above catalysts have bolstered apartment fundamentals, illustrated by a vacancy rate below five percent and an average rent growth above three percent over the past five years, while adding an additional 3,000 units to the supply. As a result of the economic drivers and the desirability of living in Philadelphia, vacancy rates are expected to remain low, while rents are projected to grow commensurate with the prior five-year period.

To learn more about this Class A multifamily community for sale in Philadelphia’s MSA or other commercial real estate listing in Philadelphia and the Mid-Atlantic, please contact Mark Thomson, Carl Fiebig or Francis Coyne in HFF’s Philadelphia office.

To view HFF’s current real estate investment sales listings, please click here.

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