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.