Lafayette Court Apartments is a 19-unit apartments complex located in Kennett Square, Chester County, Pennsylvania. Kennett Square is home to more than 6,000 people and is located 35 miles southwest of Center City Philadelphia. The borough is known as the Mushroom Capital of the World, because they produce more than a million pounds of mushrooms a day, which equates to half of the mushroom production in the U.S. Kennett Square is in the midst of a revitalization with many new developments having been recently completed or in the works. Some of those include the Victory Brewing Building and the Cannery Row Development Project. Both projects feature luxury apartments above ground floor retail space, and are aimed to grow the west side of town.
Lafayette Court Apartments features all two-bedroom units, with separate entrances, housed in three buildings all on the same tax parcel. Current ownership has replaced all of the roofs and windows, repaved the parking lot and repainted the exterior of the property within the last year. In addition, they have renovated 14 of the 19 units with stainless steel appliances and high-end finishes. These renovated units are achieving much higher rents compared to the original units. An incoming investor has the ability to come in and finish the renovation project already laid out by the current owner. Lafayette Court Apartments represents a rare opportunity to acquire a stabilized asset, with upside, in a very desirable town in Chester County.
