Constructed in 1920, the Versailles is located two blocks from prestigious Rittenhouse Square. It stands 16 stories with 360-degree views of Philadelphia. Bay windows define the building’s corners while French doors with Juliet balconies punctuate the limestone facades. The original layout of this historic building had one lavish apartment per floor with an intercom system to summon the servants located in dormitory-like quarters on the 16th floor. As years past, the large apartments were divided into smaller apartments and lost their grandeur.
Alterra Property Group purchased the building with the intent of rejuvenating the apartments and adding much needed amenity spaces. BartonPartners sought to recreate the old-world charm yet supplement the structure with modern amenities. Featuring a spacious lounge, business center, conference rooms, demonstration kitchen, yoga studio, media viewing room and sky bridge. The rooftop was converted into a deck lounge with fireplace and barbeque. For the dog lover, a green dog park overlooks the skyline. An outdoor movie screening area completes the roof scape. Great care was taken in the design of the exterior amenity space to appease the Philadelphia Historic Commission. The basement was renovated to house the fitness center and children’s play Room. Marble floors, concierge desk with waxed steel detailing were incorporated in the double height lobby. Custom metalwork accents adorn the windows featuring the new branding evoking the French namesake.
NAHB - Best Repositioning of a Multifamily Asset