The Sloan | Part of the Sonder Collection

 Philadelphia, Pennsylvania


Asking Price


Cap Rate


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Year Built



2nd Largest

Downtown Pop. in Nation


2 Min. Walk

Ivy League U of Penn


One of Top 5

Life Sciences Market


#1 US City for

Millennial Growth


  • New Lease to Leading “Apartment Hotel” Operator – “The Sloan” is leased to Sonder (NASDAQ: SOND), a leading international operator of short-term “Apartment Hotel” rentals a/k/a “Aparthotels.” Sonder currently operates 250+ live Aparthotels across 39 US and international markets. The Tenant was named  one of Time’s Top 100 Most Influential Companies in 2022 and grew Q3 2022 Revenue by 85% YoY
  • Brand New 2022 Ground-Up Construction – The Property is brand new 2022 ground-up construction located on a previously vacant lot.  The new construction benefits from modern finishes and amenities and also provides ownership with limited CapEx exposure in the near and medium term.
  • Annual Rental Increases – The lease provides annual rental increases, thereby boosting overall yield and offering a short and long-term hedge against inflation.
  • High Barrier to Entry Infill Location in Philadelphia’s University City – University City is the region’s leader in education, science, and innovation.  The 2.4-square-mile neighborhood is home to 2 major universities (UPenn & Drexel) with 52K+ total students, 5 million+ SF of office space, 4 major hospitals, and was ranked 5th on a list of North America’s growing tech submarkets. The area has experienced $6 billion in new real estate development over the past decade with an additional 11 million SF of mixed-use development in the pipeline.
  • Strategic Location for Short-Term Rental Property – The Property is strategically located within walking distance of the University of Pennsylvania (0.2 mi), Drexel University (0.8 mi), Penn Presbyterian Med Ctr (0.4 mi), and Children’s Hospital of Philadelphia (1.1 mi), among others. The average walkability, rideability, and bikeability score is 97% with easy access to downtown and surrounding neighborhood.
  • Downside Protection via Future Multi-Family Conversion – The Property offers rare zoning that allows for both hospitality and multi-family uses. If the Tenant were to ever leave, the property could be easily converted to apartments. Additionally, the historical apartment rent growth in the market has significantly outpaced the annual rent increases provided in the lease, thereby offering substantial income growth in a conversion.
  • Top Tourist Destination – Philadelphia is home to countless tourist destinations and welcomed 46M+ domestic visitors in 2019 which represented $7.64B in tourism spending.
  • Dense Population – The Property benefits from its dense urban infill location with 518K+ residents (3 mi) and 974K+ residents (5 mi), respectively.

Exclusively Listed By

Tom Georges

  Contact Broker   
PA Lic. #RMR003441


120 W 45th Street, Suite 2610
New York City, NY 10036