![](https://res.cloudinary.com/jll-global-cmg/image/upload/w_1920,q_auto/ar_1.7777777777777777,c_crop/w_566,q_auto,c_scale/v1716305624/Prod/DealX/Img/6e7d821d-a056-4b38-98b8-b73c8c61a00c.jpg)
Springfield Valley Apartments
111 Providence Road, Morton, PA, 19070, US
60 units
Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained on an exclusive basis to arrange the sale of The Civic (the “Property”), a recently constructed 88-unit, best-in-class apartment community with 32,000+ square feet of commercial space located in the highly regarded Francisville neighborhood of Philadelphia.
Originally constructed over a century ago, The Civic was successfully redeveloped in 2019 to feature 88 luxury apartment homes with 32,856 square feet of commercial space. The studio, one-, and two-bedroom units are complete with imported black noir quartz countertops, stainless steel appliances, tile backsplash, modern cabinetry, in-unit washer dryers and wood plank flooring In addition to its luxury finishes, The Civic offers a boutique amenity package highlighted by a fitness center, roof deck, game room, golf simulator, and a pet grooming station. The Property also features a 24-hour front desk attendant and a package receiving concierge.
Alongside its community amenities, The Civic features 32,856 SF of commercial space. Freeman’s Auction and Libertee Grounds currently lease 29,703 SF, with remaining lease terms of 5.5 and 7 years, respectively. In addition to the retail, The Civic is being offered with a 99-year ground lease that commenced in November 2021.
The Civic allows investors to take advantage of a cash-flowing, luxury asset in Philadelphia’s rapidly developing Francisville neighborhood with strong submarket fundamentals and additional rental upside. Per CoStar’s recent market trend report, rent growth in the submarket is projected to reach 4.4% by year-end 2024 and hover around 3.0% for the foreseeable future, highlighting the opportunity for an investor to mark the current rents to market and capitalize on imbedded loss-to-lease at the Property.
Boutique Mixed-Use Opportunity
Submarket Fundamentals
Rapidly Developing Francisville Location