Liberties Station

Acquisition Opportunity:

• Acquisition of a 20,000 square foot lot in a fringe neighborhood, located next to a section of Philadelphia, PA that was experiencing a renaissance.
• The property was being utilized as a quasi surface lot for an apartment complex across the street that was in the midst of a conversion to condominiums.
• As a surface lot, the property was not being utilized for its highest and best use.
  

Development Strategy:

• Obtain approvals for a 14-unit, for-sale townhouse development.
• In order to achieve a completely urban look, the townhouses were placed close to the street with a drive, parking and garages in the rear.
• To create the rear drive, which was adjacent to a SEPTA train line creating a challenge, half the width of a city street on the south side of the site needed to be deeded to the project in order to obtain egress on that side.
  

Results Achieved:

• Each of the development challenges above were overcome in a 12-month timeframe.
• From the date of site acquisition in its “raw” state, through the approval process to sale and settlement to the ultimate builder of the site, a period of only 16 months had lapsed.
• Cash on Cash return on investment was 44%, resulting in an Internal Rate of Return of 33%.

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