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Dalzell Capital Partners Adds Four Center City Properties to Its Growing Philadelphia PortfolioDalzell Capital Partners LLC ("Dalzell Capital"), a real estate investment and management firm, today announced that it acquired a four-property multifamily portfolio located in Center City, Philadelphia for $18.7 million (the "Portfolio"). The Portfolio was purchased from Philadelphia-based commercial real estate developer Alterra Property Group. "Dalzell Capital's continued investment in Center City demonstrates our positive long-term outlook on Philadelphia, which is enjoying an accelerating economic expansion," said Christian Dalzell, Dalzell Capital's Managing Partner. "The rare opportunity to expand our footprint across Center City through the acquisition of four outstanding properties at an attractive valuation is something we are extremely excited about." The luxury portfolio consists of four newly built or recently gut-renovated properties aggregating 65 units that offer Dalzell Capital the opportunity to create incremental value through operational and capital improvements. With an average Walk Score of 99, the Portfolio will benefit from its proximity to almost 400,000 jobs in Center City and University City, Philadelphia's extensive local, regional and national transportation network, and significant complementary commercial property development activity. The Portfolio is comprised of the following assets:
On June 27th, 2018, Dalzell Capital acquired Waverly Court, a 62-unit mixed-use property located in Center City that features 61 loft-style apartments and a 2,800 square feet commercial unit leased to Amis Trattoria, for $21 million. As a result of the acquisition of the Portfolio, over the past 12 months Dalzell Capital has assembled a portfolio of seven high-quality mixed-use and multifamily properties totaling 192 units and 8,500 square feet of commercial space. All properties are tightly clustered in Center City, and are poised to benefit from the area's continued economic expansion. Having deployed approximately $65 million in Center City since August 10, 2017, Dalzell Capital expects to continue to pursue additional value-add and opportunistic transactions in targeted submarkets across Center City and University City. About Dalzell Capital Partners LLC Led by real estate industry veteran Christian Dalzell, Dalzell Capital Partners LLC is a privately-owned investment and management firm formed in late 2016. Since its founding, Dalzell Capital has completed 12 investments - nine controlling and three non-controlling investments - totaling approximately $195 million in gross value. Mr. Dalzell, formerly a senior executive with Starwood Capital Group Global, L.P., Eastdil Secured and Banc of America Securities LLC, has extensive commercial real estate, private equity and investment banking experience. During his 22-year career, Mr. Dalzell has closed more than 500 transactions globally, aggregating more than $62 billion as a lender, intermediary and investor. Dalzell Capital Partners is headquartered in Westport, Conn.
1 Center Philadelphia Development Corporation, 2018 State of
Center City Philadelphia report View source version on businesswire.com: https://www.businesswire.com/news/home/20180820005423/en/ |