Baar-Zug, 12 March 2013
Partners Group, the global private markets investment manager, has invested on behalf of its clients in a luxury residential tower managed by Ritz-Carlton, located in the Center City submarket of Philadelphia along the Avenue of the Arts. The condominium tower is proximate to City Hall and Rittenhouse Square, in one of the strongest submarkets in Philadelphia.
The property consists of a 48-story, 270-unit residential condominium tower developed in 2008 by Arden Group and Gencom. The building benefits from luxury finishes and high-end appliances in the units and is reflective of a 5-star hotel product.
This opportunity offers an entry basis significantly below current market pricing. Combined with a favorable sellout of the existing condominium inventory in a market with limited comparable supply from competing properties in the market, we expect to generate attractive returns for the benefit of our clients.
Eliza Bailey, senior investment manager in the private real estate team at Partners Group comments, “We are very excited to have invested in this attractive opportunity. The property fits well with our investment strategy based on our current relative value assessment: quality real estate located in prime locations in tier 2 cities. We are also pleased to work with the Arden Group and Gencom who have experience in luxury residential and hospitality projects since the late 1980's.”