Enter the "Deal room" for exclusive documents related to this property.
|Number of units||248|
JLL is pleased to present the opportunity to acquire Skye 750, a luxury multi-housing asset featuring 248 apartments in King of Prussia, Pennsylvania. Constructed in early 2020, Skye 750 sits just outside of The King of Prussia Town Center and provides new ownership immediate rental upside as rents trail the market by more than 10%. The Property’s below-market rents paired with King of Prussia’s resilient fundamentals will allow new ownership to capitalize on a well-located, stabilized asset with significant rental upside.
Rental Upside Opportunity
Skye 750’s average in-place rent trails the luxury apartment market in King of Prussia by more than 10%. New ownership is provided the opportunity to acquire a stabilized, luxury asset at an attractive basis with the ability to significantly increase effective rental income through the removal of concessions along with recapturing loss-to-lease upon turnover.
Proven Submarket Resiliency
Asking rents among luxury apartments in King of Prussia are now more than 5% above pre-pandemic levels. Meanwhile, most of the recently delivered supply in King of Prussia has stabilized and the vacancy rate for Class-A product has been reduced to approximately 5%, compared to levels of 18% recorded in early 2020. Furthermore, as of 3Q21, year-over-year rent growth surged to 10.1%, further supporting the ability to increase rental rates and capitalize on current market conditions.
Dynamic "Live-Work-Play" Location
Skye 750 is just two miles from over 3.5M SF of luxury dining and retail options within the King of Prussia Town Center and King of Prussia Mall. Additionally, King of Prussia is home to over 19M SF of office space and home to the world’s largest and most advanced single solution cell and gene therapy development organization, The discovery labs. Furthermore, Skye 750 affords commuters unrivaled access to several of Greater Philadelphia’s primary roadways, including Interstate 76, the Pennsylvania Turnpike, and Routes 202 and 422.