High End Renovations On The Way at Key Center City Apartment Buildings
Two apartment buildings on opposite sides of Broad Street traded hands this week. MRP Residential and Cornerstone Real Estate Advisors bought the buildings at 400 Walnut Street and 1930 Chestnut Street with plans to renovate each property into high-end rentals.
MRP Residential primarily works in and around Washington D.C., but they’ve made a push into the Philadelphia marketplace with the acquisition of floors 4 through 17 at the Avenue of the Arts Building above the Capital Grille on Broad and Chestnut. Charles McGrath, senior vice president at MRP, said that the purchase of 400 Walnut and 1930 Chestnut marks the next step for their plan to buy assets at “no-brainer locations” in Philadelphia. Let’s see: Broad Street, Washington Square and Rittenhouse Square. Yeah, mission accomplished.
McGrath wouldn’t comment on the sale price of either building, but said each one will be updated and renovated, with $60,000 going into each unit to bring them up to speed with new finishes for the higher-end apartments. 400 Walnut has 67 units, while 1930 Chestnut carries 144 apartment. New windows will be put in the building at 400 Walnut and each building will soon have revamped lobbies and common corridors. “We’re going to bring them to a finish level comensurate with the surrounding location.”
While both buildings are in posh locations, McGrath is anticipating different tenants for 400 Walnut than at 1930 Chestnut, the latter of which he called “a dead ringer for every millennial that you can imagine” given its proximity to the Square and University City. Empty Nester-types and families might choose the historic Washington Square location with views of Independence Hall at 400 Walnut over the middle-of-it-all buzz of Rittenhouse and 1930 Chestnut.
Each building will keep their current ground floor retail tenants. City Fitness opened at 400 Walnut in April and McGrath thinks that it can become “an extension” of the amenity package for the resident to enjoy. Jane G’s, the upscale Chinese restaurant at 1930 Chestnut, will also remain.
Tim McDonald and Miles Spencer from Eastdil represented seller Turchi Properties in the transaction that closed on June 2nd, according to a press release sent out today.