Counter Capital Management Acquires Mixed-Use Property in Heart of Center City Philadelphia
PHILADELPHIA--(BUSINESS WIRE)--May 22, 2019--
Counter Capital Management LLC (“Counter Capital”), a real estate investment manager focused on creating high-quality portfolios in targeted urban markets, today announced that it recently closed on the $19.1 million acquisition of 1501 Locust Street, an institutional-quality mixed-use property located near the heart of the popular Rittenhouse Square neighborhood in Center City Philadelphia. This purchase adds a marquee asset to Counter Capital’s growing Philadelphia portfolio and advances its strategy of building scale in fundamentally strong urban centers.
“Completing this strategic acquisition further demonstrates our commitment to growing our footprint in Center City,” said Christian Dalzell, Managing Partner at Counter Capital. “Over the past two years, we’ve amassed a sizeable portfolio of high-quality, well-located properties, and we aim to replicate this strategy in select urban centers across the country. We believe our focus on delivering highly curated properties that reflect the communities they serve is a key differentiator that will serve us well as we scale nationwide.”
Originally constructed in 1947 as a 10-story office building, 1501 Locust Street was expanded and meticulously repurposed into a luxury boutique building in 2010 featuring 29 large apartment units averaging 1,009 square feet and three commercial units totaling approximately 5,000 square feet. The residential units boast hardwood floors, 10.5- to 18-foot coffered ceilings, modern kitchens with granite countertops, stainless steel appliances and European cabinetry, high-end finishes and in-unit washers and dryers. Located on the northwest corner of 15 th and Locust Streets directly above a PATCO transit line station, the property is surrounded by Philadelphia’s trendiest retailers, restaurants, and arts and entertainment venues, making it one of the most coveted residential buildings in the market.
1501 Locust Street will undergo capital and operational improvements to unlock embedded value and to enhance residents’ lives. Planned upgrades include introducing dynamic paint patterns and lighting fixtures to create a more contemporary and sophisticated interior. Each residential unit will benefit from fresh paint and the addition of state-of-the-art keyless entries and Nest thermostats. These changes are designed to further boost the property’s appeal, creating a truly unique environment that is unrivaled in the market.
Counter Capital Managing Partner Mukang Cho commented, “We remain laser-focused on advancing our business plan of constructing a national portfolio of highly curated assets that are differentiated from the competition. Our recipe for success is informed by years of experience, an intimate understanding of the places where we invest, and an unwavering commitment to resident satisfaction.”
With the acquisition of 1501 Locust Street, Counter Capital now owns and operates eight multifamily and mixed-use properties in Philadelphia. Counter Capital’s portfolio is tightly clustered in Center City, the largest job center in the Philadelphia MSA due to its high concentration of employers in the education, health and life science industries. Across its portfolio, Counter Capital is exploring ways to activate traditionally underutilized space within its properties to maximize and expand their productivity.
About Counter Capital Management LLC
Counter Capital Management is a real estate investment manager that invests in multifamily and mixed-use projects in select U.S. markets. Counter Capital Management is a strategic joint venture between Dalzell Capital Partners LLC and Morning Calm Management, which, through their affiliates, collectively own and operate more than four million square feet of commercial real estate and approximately 900 residential units across the United States.
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KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: REIT URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Counter Capital Management LLC
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PUB: 05/22/2019 09:05 AM/DISC: 05/22/2019 09:05 AM