WESTPORT, Conn.--(BUSINESS WIRE)--Dalzell Capital Partners LLC (“Dalzell Capital”), a real estate investment and management firm, today announced that it closed on the $21 million acquisition of Waverly Court, a recently expanded mixed-use property prominently located on the southwest corner of 13th Street and Waverly Court in Center City, Philadelphia.
Originally built in the early 1900s, Waverly Court features 61 loft-style apartments and a 2,800-square-foot commercial space leased to Urban Outfitters-owned Amis Trattoria, one of Philadelphia’s premier restaurants. Of the property’s residences, 34 units were delivered in July 2017, and the original 27 units have been fully renovated over the past few years. All residential units boast huge factory-style windows, extraordinary natural light, 12 to 14 foot clear ceiling heights, exposed brick walls, granite or quartz counter tops, stainless steel appliances, porcelain tiled bathrooms, and in-unit washer and dryers.
“Waverly Court represents the latest step in expanding our presence in Center City and advances our investment strategy of acquiring properties that have the ability to deliver long-term, stable cash flows and outsized value-add returns,” said Christian Dalzell, Dalzell Capital Partners’ Managing Member. “We believe the strengthening Philadelphia job market and accelerating household growth, combined with our differentiated product and service-oriented offering will generate consistently high occupancies, sticky tenancy and above average rent growth.”
Waverly Court is Dalzell Capital’s third acquisition in Center City Philadelphia in less than a year. The firm purchased 1430 South Street, a 35-unit mixed-use property, for $10.8 million in August 2017, as well as 514 South Street, a 33-unit mixed-use property, for $10.35 million in December 2017. Including Waverly Court, Dalzell Capital controls and manages five multifamily and mixed-use properties located in Philadelphia, PA, Norwalk, CT and Glastonbury, CT. Dalzell Capital also completed value-add acquisitions of partial interests in three properties located in the Piedmont Triad region of North Carolina. The aggregate gross value of Dalzell Capital’s portfolio is approximately $175 million.
Dalzell Capital Partners targets well-located, unique and upscale residential and mixed-use assets in densely populated urban centers that deliver consistent yields due to the underlying quality of the properties and locations. Dalzell Capital then leverages its sourcing and capital markets expertise as well as its attention to quality and design to unlock embedded value by making make operational improvements and/or completing capital renovations. Through this approach, Dalzell Capital elevates a property’s sense of community and provides local residents with more personal and tailored alternatives to the universe of conventionally managed apartment buildings.
Mr. Dalzell continued, “Our goal is simple – we want our properties to set the standard for service, quality and elegance in their respective markets. With that as our primary tenet, we will continue to grow the portfolio prudently in specifically targeted markets that exhibit above average employment and household growth, and community investment.”
About Dalzell Capital Partners LLC
Led by real estate industry veteran Christian Dalzell, Dalzell Capital Partners LLC is a privately-owned investment and management firm formed in late 2016. Since its founding, Dalzell Capital has completed eight investments – five controlling and three non-controlling investments – totaling approximately $175 million in gross value. Mr. Dalzell, formerly a senior executive with Starwood Capital Group Global, L.P., Eastdil Secured and Banc of America Securities LLC, has extensive commercial real estate, private equity and investment banking experience. During his 22-year career, Mr. Dalzell has closed more than 500 transactions globally, aggregating more than $62 billion as a lender, intermediary and investor. Dalzell Capital Partners is headquartered in Westport, Conn.