Ten Ten Race Street
Condominiums

Acquisition Opportunity:

• Acquisition of existing Clarion Suites Hotel from Hersha Hospitality consisting of a total of 90,000 square feet of gross footage on eight floors.
• Property located in the Chinatown section of Philadelphia, PA, which has historically lacked residential product but is strategically located to major road arteries in addition to the Center City and Old City sections of Philadelphia.
• As a hotel, the property was under performing and was functionally obsolete.
  

Development Strategy:

• Complete interior and exterior redevelopment to restore a landmark building. Prior to being converted into a hotel, the building served as the Bentwood Rocker Factory.
• Convert hotel suites into 96 condominium units of lofts, one and two bedroom units, including roof top decks.
  Complete renovation of the property’s lobby and common spaces.
• Kept many of the buildings unique features, such as exposed brick walls, exposed beams and 15 to 20 foot ceilings in the units.
  

Results Achieved:

• All of the property’s units sold and settled within a 21-month timeframe.
• Cash on cash return on investment was 85%, resulting in an Internal Rate of Return of 49%.

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