A Decade After Being Built, a Rittenhouse Apartment Building Goes on the Market

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2116 Chestnut Street
Image via 2116 Chestnut Street.

Center City buildings have been seeing many ownership changes in recent years, writes Paul Schwedelson for the Philadelphia Business Journal.

The 34-story apartment tower at 2116 Chestnut Street is being marketed by brokerage JLL as a value-add opportunity.

The building to the west of Rittenhouse Square was developed in 2013, and sold for over $160 million in 2015.

This year, the property was assessed at $144 million with about 99% of the building currently occupied.

There has been a 7.7% rent increase on the last 25 new leases and a 3.9% increase on the last 25 renewals. 

A new potential buyer could renovate the kitchens and bathrooms, which could lead to the rent increase trend to increase. 

According to the building’s website, rents start at $2,312 for a studio and up to $17,196 for a two-bedroom unit. 

This is just the latest downtown property to be sold in recent years.

Other nearby properties in that category include the 304-unit St. James apartment building near Washington Square and the 612-unit apartment tower at 1500 Locust Street

At $220 million and $230 million, respectively, those two stand as the largest building sales in Philadelphia history. 

Read more about the properties moving and changing ownership in Center City in the Philadelphia Business Journal

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The apartment tower has been at Chestnut Street since 2013.

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