Purchase of 1501 Locust Street advances investment strategy of
building scale in strong urban markets
PHILADELPHIA–(BUSINESS WIRE)–Counter Capital Management LLC (“Counter Capital”), a real estate
investment manager focused on creating high-quality portfolios in
targeted urban markets, today announced that it recently closed on the
$19.1 million acquisition of 1501 Locust Street, an
institutional-quality mixed-use property located near the heart of the
popular Rittenhouse Square neighborhood in Center City Philadelphia.
This purchase adds a marquee asset to Counter Capital’s growing
Philadelphia portfolio and advances its strategy of building scale in
fundamentally strong urban centers.
“Completing this strategic acquisition further demonstrates our
commitment to growing our footprint in Center City,” said Christian
Dalzell, Managing Partner at Counter Capital. “Over the past two years,
we’ve amassed a sizeable portfolio of high-quality, well-located
properties, and we aim to replicate this strategy in select urban
centers across the country. We believe our focus on delivering highly
curated properties that reflect the communities they serve is a key
differentiator that will serve us well as we scale nationwide.”
Originally constructed in 1947 as a 10-story office building, 1501
Locust Street was expanded and meticulously repurposed into a luxury
boutique building in 2010 featuring 29 large apartment units averaging
1,009 square feet and three commercial units totaling approximately
5,000 square feet. The residential units boast hardwood floors, 10.5- to
18-foot coffered ceilings, modern kitchens with granite countertops,
stainless steel appliances and European cabinetry, high-end finishes and
in-unit washers and dryers. Located on the northwest corner of 15th
and Locust Streets directly above a PATCO transit line station, the
property is surrounded by Philadelphia’s trendiest retailers,
restaurants, and arts and entertainment venues, making it one of the
most coveted residential buildings in the market.
1501 Locust Street will undergo capital and operational improvements to
unlock embedded value and to enhance residents’ lives. Planned upgrades
include introducing dynamic paint patterns and lighting fixtures to
create a more contemporary and sophisticated interior. Each residential
unit will benefit from fresh paint and the addition of state-of-the-art
keyless entries and Nest thermostats. These changes are designed to
further boost the property’s appeal, creating a truly unique environment
that is unrivaled in the market.
Counter Capital Managing Partner Mukang Cho commented, “We remain
laser-focused on advancing our business plan of constructing a national
portfolio of highly curated assets that are differentiated from the
competition. Our recipe for success is informed by years of experience,
an intimate understanding of the places where we invest, and an
unwavering commitment to resident satisfaction.”
With the acquisition of 1501 Locust Street, Counter Capital now owns and
operates eight multifamily and mixed-use properties in Philadelphia.
Counter Capital’s portfolio is tightly clustered in Center City, the
largest job center in the Philadelphia MSA due to its high concentration
of employers in the education, health and life science industries.
Across its portfolio, Counter Capital is exploring ways to activate
traditionally underutilized space within its properties to maximize and
expand their productivity.
About Counter Capital Management LLC
Counter Capital Management is a real estate investment manager that
invests in multifamily and mixed-use projects in select U.S. markets.
Counter Capital Management is a strategic joint venture between Dalzell
Capital Partners LLC and Morning Calm Management, which, through their
affiliates, collectively own and operate more than four million square
feet of commercial real estate and approximately 900 residential units
across the United States.
Contacts
Media:
Jason Chudoba
[email protected]
646-277-1249
