Friday, July 20, 2018

Dalzell Capital Adds Waverly Court to Growing Portfolio of Philadelphia Apts.

Dalzell Capital Partners, a Westport, Connecticut-based real estate investment and management firm led by former Starwood Capital Group executive Christian Dalzell, acquired Waverly Court Apts. in Philadelphia from Yess Properties for $21 million, or approximately $344,262 per unit.

Located on the southwest corner of 13th St. and Waverly Court in the Washington Square West submarket, the 60,000-square-foot complex includes 61 loft-style apartments and a 2,800-square-foot restaurant space leased to Urban Outfitters-owned Amis Trattoria. Kenneth Mallin of MPN Realty represented Yess Properties in the transaction.

Waverly Court is Dalzell Capital’s third acquisition in the Center City Philadelphia area in less than a year and its largest deal to date. The firm has acquired several smaller apartment properties in the market, including the 35-unit 1430 South St. for $10.8 million in August 2017, and 514 South St. a 33-unit multifamily property for $10.35 million in December 2017.

"We believe the strengthening Philadelphia job market and accelerating household growth, combined with our differentiated product and service-oriented offering, will generate consistently high occupancies, sticky tenancy and above average rent growth," said Christian Dalzell, Dalzell Capital Partners’ managing member, in a statement announcing the acquisition.

Dalzell Capital also controls and manages apartments in Norwalk and Glastonbury, Connecticut, and recently acquired partial interest shares in three properties located in the Greensboro/Winston-Salem region of North Carolina.

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