CHESTNUT HILL TOWER
Philadelphia, PA
Chestnut Hill Tower was acquired in a state of mismanagement due to an absentee owner. At the time of closing the property showed negative cash flow, excessive deferred maintenance and had an outdated profile. Premier recognized the value and potential through capital investment, hands-on management, tight budgetary control and fiscal responsibility, as well as placing well trained and committed onsite personnel. Within 4 months of takeover the property achieved positive cash flow an odccupancy increased by 25 basis points. With the implementation of a new, efficient cloud based operating system, managing all work orders, billing and payments, the property attracted a tenant profile with a higher bracket willing to pay increased rents for a better quality of living. A full unit renovation program was implemented, including stainless steel appliances and granite countertops, to create a modern, 21 st century living experience. In addition , a newly built amenity floor offering full fitness and meeting facilities, new common areas and an upgraded commercial office floor as well as two resort style pools, new tennis facilities, engineered green rooftop and access and surveillance systems covering the entire property was installed. Although the asset was classified as a long term hold, the property sold due to an unsolicited bid from a qualified buyer