|Number of units||382|
JLL is pleased to present the opportunity to acquire the Mt. Airy Portfolio, a four-property, 382-unit, value-add portfolio located at the intersection of W. Johnson and Greene St. in the historic Mt. Airy submarket of Philadelphia, PA.
Offered individually or as a portfolio, this value-add opportunity provides flexibility in deal execution and affords an investor the ability to streamline a renovation program that has proven $400 rent increases in 10% of the unit mix.
The Mt. Airy Portfolio is offered individually or in conjunction with Carlton Park, 118 units in East Falls, Philadelphia, PA.
- The Vue - 168 Units
- Address: 6350 Greene Street, Philadelphia, PA 19144
- Unit Count: 168
- Avg. In-Place Rent: $1,147
- Occupancy: 98%
- The Tudors & Gardens
- Address: 259 W. Johnson Street, Philadelphia, PA 19144
- Unit Count: 147
- Avg. In-Place Rent: $1,383
- Occupancy: 96%
- The Fairmount
- Address: 357 W. Johnson Street, Philadelphia, PA 19144
- Unit Count: 67
- Avg. In-Place Rent: $1,098
- Occupancy: 97%
Compelling Value-Add Opportunity
- Current ownership has renovated approximately 10% of the unit mix, resulting in rental premiums of more than $400. New ownership is presented the opportunity to continue the current renovation program and capitalize on significant rental premiums. Additionally, the Portfolio has received more than $3 million of capital expenditures to address deferred maintenance items, allowing new ownership to focus entirely on revenue-enhancing opportunities.
Sought-After In-fill Location
- The Mt. Airy Portfolio sits one block from the Upsal SEPTA Regional Rail station, with convenient access to Lincoln Drive, I-76, and Route 1. This connectivity allows for immediate commuter access into Center City and the surrounding employment centers within Chestnut Hill’s Business District, Conshohocken, Bala Cynwyd, and King of Prussia. Furthermore, the Portfolio is proximate to various local demand drivers including Thomas Jefferson University, Drexel College of Medicine, and LaSalle University.
Strong Market Fundamentals
- The Mt. Airy submarket has become an increasingly desirable destination for a growing number of renters in search of a cost-effective housing solution, with rents in Mt. Airy averaging approximately half of that in Center City. As a result of this demand, rental rates have increased 5.2% year-over-year as of 3Q21, while vacancy remains at 3.0%, below the Philadelphia market average of 4.0%.