Elmwood Gardens and Elmwood Court_Property for Sale
Elmwood Gardens and Elmwood Court_Property for Sale
1503-1505 & 1528 Elmwood Ave, Folcroft, PA, US

Elmwood Gardens and Elmwood Court

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Elmwood Gardens Apartments (44 units) & Elmwood Court Apartments (28 Units) (the “Properties”), a 72-unit, value-add multi-housing opportunity located in Folcroft, Delaware County, Pennsylvania.



Number of units
72 units
Building area Net
4,805 m²
Elmwood Gardens and Elmwood Court (2 Properties)
Elmwood Gardens and Elmwood Court (2 Properties)


Investment Highlights

Attractive Value-Add Opportunity:

  • The Properties were built in 1950 and 1960, and feature a blend of studio, one-, two-, and three-bedroom units. The units have been lightly improved and are well-positioned for new ownership to implement a strategic unit renovation program throughout the assets and capitalize on the quantifiable rental upside available at both properties.
  • 1BR in-place rents at Elmwood Gardens trail the market average by 14% ($150).
  • 2BR and 3BR in-place rents at Elmwood Court are 11% ($140) and 35% ($490) below the competitive set.


Consistent Submarket Fundamentals:

  • The assets are located in the Lower Delaware County Multi-Family Submarket, which has consistently performed ahead of inflation, achieving 5% average annual rent growth over the trailing 5 years.
  • Rental rates in the submarket grew 4.5% in 2022 Q4.
  • Average annual rent growth is expected to remain above 3.0% through 2023 Q3.
  • Vacancy within the submarket remains at a tight 3.1%.

Convenient Transit-Oriented Location:

  • Residents of both Properties are surrounded by multiple modes of transportation including Folcroft SEPTA station, Philadelphia International Airport, and major thoroughfares such as Route 13, Route 291, and Interstate 95.
  • Large employers (Boeing, Harrah’s, Sunoco, PHL International Airport, Widener University) recognize the accessibility of Folcroft and Lower Delaware County and subsequently have established headquarters and roots nearby.
Elmwood Gardens and Elmwood Court 4_Property for Sale
Elmwood Gardens and Elmwood Court 4_Property for Sale

Contact brokers

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
4 May 2023