The Harrowgate 8 Portfolio
8 Multifamily & Mixed-Use Properties | 186 Units | 27,900 SF Commercial
Marketing description
A compelling multifamily investment opportunity in Philadelphia, The Harrowgate 8 is a portfolio of eight boutique residential and mixed-use assets in the transforming Harrowgate neighborhood of Philadelphia.
Investors may bid on one asset, multiple assets, or the entire portfolio. See landing page here.
Comprised of 186 residential units and 27,900 square feet of commercial space, The Harrowgate 8 features a unique blend of seven adaptive reuse developments and one ground up new building, all of which were completed between 2017 and 2024. Seven of the properties feature the conversion of former industrial or educational uses reimagined into residential, while one property includes a ground up new mixed-use development. Four of the properties are complemented by commercial spaces catering to residents within the surrounding area. Each building offers gated secure parking for residents and commercial tenants.
Current Ownership completed an exceptional conversion of the existing buildings, leveraging existing design elements such as soaring ceilings, exposed beams and brick to create oversized units filled with natural light and luxury finishes. The result is a curated product that offers significantly larger units (averaging 1,006 SF) than comparable properties in neighboring submarkets at comparatively affordable rental rates. Market acceptance of the product has been robust with average occupancy of 96% over the last year across all properties. The portfolio is now primed to leverage the strong property performance and transforming neighborhood to grow revenue via multiple paths, including rent growth, implementing a utility reimbursement program and amenity fees and increasing parking income.
The Harrowgate 8 represents a compelling investment opportunity to acquire scale with value enhancement potential in a transforming neighborhood at a significant discount to replacement cost.
Investment highlights
- Differentiated Product: The Harrowgate 8 features oversized light filled units with soaring ceilings and luxury finishes including hardwood floors, quartz counters, stainless appliances and upgraded cabinetry. Baths offer luxury finishes including ceramic or marble tile, frameless shower doors and upgraded vanities.
- Transforming Location: Once an industrial powerhouse that was home to more textile mills than any other city, the Harrowgate/Kensington neighborhood is transforming into a diverse mix of residential, retail, entertainment and recreation which is the result of significant recent private and public investment. This investment has drawn both national retailers and numerous small businesses to the neighborhood over the past several years. Organizations such as The Kensington Community Trust and New Kensington Community Development Corporation, in partnership with the City of Philadelphia, are committed to the revitalization of this historic area within the City of Philadelphia.
- Value Enhancement Potential: The next owner of the portfolio has an opportunity for multiple paths to revenue growth, including implementing a utility reimbursement program, increasing parking revenue and adding an amenity fee in conjunction with enhancing the amenity spaces including the upgrade of common area lounges, the addition of a roof deck at 1810 E. Venango Street, and enhancing the landscaped resident courtyard between Redbrick Row (3450 J Street) and The Glass Box (3460 J Street).
- Compelling Discount to Replacement Cost: The Harrowgate 8 represents an opportunity to acquire scale at a significant discount to replacement cost via a portfolio of newer assets with luxury unit finishes for ground up development.
- Remaining Tax Abatement Offers Enhanced Yields: Six of the assets in the portfolio benefit from enhanced returns as a result of the full 10-year abatement on real estate taxes from the City of Philadelphia.
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