1600-1650 W Girard Ave, Philadelphia, PA, 19130-1891, US

The Civic

Asset Description

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.

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Attributes

Year built

1927

Year renovated

2019

Number of floors

5 floors

Number of units

88 units

Building area net

5,806 m²

Occupancy

89%

Media

Investment Highlights

Boutique Mixed-Use Opportunity

The Civic is a luxury property with best-in-class unit finishes and a comprehensive amenity package, making it one of the premier assets in the immediate submarket.
The kitchens feature imported black noir quartz countertops, modern cabinetry, and sleek finishes, while the spa-inspired bathrooms have hexagon shower floors and cool-toned backsplash.
The boutique amenity package includes a fitness center, roof deck, game room, golf simulator, pet grooming station, 24-hour front desk, and package receiving concierge.
Additionally, the property features 32,856 SF of commercial space, with current leases by Freeman's Auction and Libertee Grounds. Libertee Grounds recently expanded their premises, indicating their commitment to the location.
Libertee Grounds is a neighborhood favorite with an extensive menu, mini golf course, golf simulator lounge, Sunday brunch, and Thursday night Quizzo, providing a vibrant social atmosphere for all ages.

Submarket Fundamentals

Per CoStar’s latest market report, rent growth in the Fairmount/Francisville neighborhood is projected to reach 4.4% by year-end 2024, and hover around 3.0% for the foreseeable future.

Rapidly Developing Francisville Location

The Civic is located in the Francisville neighborhood of Philadelphia, offering residents convenient access to nearby entertainment options and easy transportation to Center City via SEPTA's Broad Street Line. The neighborhood is known for its proximity to renowned museums such as the Philadelphia Museum of Art and the Barnes Foundation.
Francisville is attracting a growing number of young professionals and families, with over 55% of the population between the ages of 15 and 45. The neighborhood also boasts a vibrant food scene with top restaurants and plenty of green spaces.
Residents benefits from the convenience of popular grocery stores like ALDI, Giant, and Whole Foods within walking distance. The area is further expanding with the arrival of LIDL at Broad and Spring Garden in late 2024.