New York City-based Sentinel Real Estate Corp. has expanded its reach in the Philadelphia metro with the acquisition of two high-rise apartment communities. The real estate investment management firm has purchased The Broderick and The Republic, comprised of 213 total units, in Center City Philadelphia.
Both high-rises benefit from their walkable and transit-oriented locales. The Broderick is in historic Society Hill, surrounded by Washington Square Park, Independence National Historical Park, and the Delaware River. The Republic is in the heart of Rittenhouse Square, one of the city’s most sought-after neighborhoods.
The Broderick is a 69-unit boutique community with floor plans averaging 854 square feet. The apartments feature quartz countertops, stainless steel appliances, vinyl plank flooring, spacious closets, in-unit washers and dryers, and oversized French windows. Amenities include a penthouse-level lounge, an entertaining kitchen, and a complimentary coffee bar. The prior owner had renovated 46 of the units, providing a value-add opportunity for Sentinel to renovate the remaining units to capture additional rent premiums.
The Republic, which touts some of the city’s highest per-square-foot rental rates, features 144 units that average 695 square feet. Apartments include 9-foot ceilings, quartz countertops, luxury vinyl plank flooring, stainless steel appliances, and full-size washers and dryers. A rooftop overlooks Rittenhouse Square Park. The prior owner had renovated 84 units, and Sentinel has value-add plans for the remainder to boost rent growth.
“With The Broderick and The Republic, we found a compelling opportunity to acquire institutional-quality assets in two of Philadelphia’s most desirable neighborhoods, attracting a wide range of residents who want to live and work in the heart of the city,” said president Michael Streicker. “These locations have also seen significant post-pandemic recovery, with increasing in-migration, strong rent growth, and a return to the urban vibrancy that remains a signature of the city’s culture and lifestyle.”
Sentinel has been active in the market throughout its five-decade history. These transactions follow the firm’s recent acquisition of Madison Lansdale Station, a 186-unit mid-rise community in Lansdale, about 32 miles northwest of Philadelphia’s City Center. It now owns and operates six properties in the metro.