Girard Flats

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.