Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Girard Flats (the “Property”), a 120-unit mid-rise apartment community in the Fairmount neighborhood of Philadelphia, PA.
Completed in 2023, Girard Flats consists of three adjacent parcels totaling 120 one-bedroom units that average 554 square feet. The luxury unit finishes at the Property consist of LVT flooring, modern white cabinetry, quartz countertops, and stainless steel appliances. All units are complimented by an on-site parking garage, community courtyard, full-service elevators, and immediate access to all the retail and entertainment destinations along Girard Avenue.
Girard Flats presents the opportunity to acquire a newly constructed asset significantly below replacement cost and complete the lease-up at the Property. Currently, the Property is 9% leased with an average in-place rent of $1,516, nearly 30% below the market average. Further, the last 5 leases are averaging $1,600, which is 5.5% above the Property’s average in-place rent. All three parcels at the Property also benefit from a full, 10-year real estate tax abatement, which will produce accretive returns during a respective hold period.
Compelling Rental Upside
- Girard Flats is in the midst of its lease-up with rents that are more than $400 below the average one-bedroom market rent.
- The average in-place rent of $1,516 ($2.74 PSF) trails the surrounding competition by more than 30%.
- The average household income within Girard Flats’ zip code (19130) exceeds $140,000.
Positive Leasing Performance
- Leases signed in 2023 average $1,610, 6% above the average in-place rent of $1,516.
Full 10-Year Tax Abatement
- All three parcels at Girard Flats qualified for a 10-year abatement of real estate taxes.