Exchange-X, along with managing partner Cantor Fitzgerald is pleased to announce the offering of CF Chestnut Street Multifamily DST. This Class-A, 34-story high-rise apartment community, built in 2013, offers luxurious living with high-end unit features like stainless-steel appliances, granite countertops, and floor-to-ceiling windows. Residents enjoy a wide array of amenities including a clubhouse, fitness center, a roof deck, and a 24/7 concierge. The property also boasts 8,171 square feet of fully occupied ground-floor retail space, leased by Five Iron Golf and Solidcore. Currently, 91.0% occupied with an average monthly rent of $3,029, the property has shown strong rental growth, with recent leases averaging 5.0% above in-place rents. With a historical occupancy averaging 93.8% since 2014, the property has a proven track record. Recent renovations between 2020 and 2024 have already attracted renovation premiums, and the sponsor plans further upgrades, such as quartz countertops and modern cabinetry, along with exterior and amenity enhancements, to further increase rent premiums and overall value.
This property is ideally situated in Philadelphia’s highly sought-after Rittenhouse Square neighborhood, providing unobstructed city views. Residents enjoy easy walkable access to Rittenhouse Square Park and a wealth of amenities, including upscale shopping, dining, and entertainment. Its prime location also offers close proximity to University City, a vibrant hub for prestigious institutions like the University of Pennsylvania and Drexel University, which draws a stable demographic of young professionals. This area is also a major employment center, boasting over 78,000 jobs and a thriving research and development ecosystem anchored by the University of Pennsylvania and Children’s Hospital of Philadelphia. What’s more, the property benefits from excellent regional connectivity: it’s within walking distance of 30th Street Station, Philadelphia’s primary rail hub, and has convenient access to Interstates 76 and 676, connecting residents to the greater Philadelphia area and providing a swift 15-minute drive to Philadelphia International Airport.
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1031 Risk Disclosure:
