Head House Flats

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Head House Flats (the “Property”), a self-contained, 47-unit community offering a significant mark-to-market investment in Philadelphia’s prestigious Society Hill. The Property occupies the entire third floor of the iconic Abbotts Square building, operating as a private residential enclave independent from the commercial and condominium uses on other floors.

Head House Flats is a boutique, 47-unit luxury apartment building in Society Hill, featuring a desirable unit mix of 18 studios, 23 one-bedrooms, and 6 two-bedrooms—not commonly found in the area. In 2017, the property underwent an extensive $11 million conversion that modernized every residence with high-end finishes such as granite countertops, stainless steel appliances, and LVT flooring, ensuring minimal near-term capital expenditure for new ownership. The condominium structure offers residents the privacy of exclusive residential floors, condo-quality interiors, elevator service, and secure keyless entry. Further enhancing its financial profile, Head House Flats benefits from a valuable tax abatement through 2029. he property also provides furnished unit options, with management owning all furniture; currently, 13 occupied units are furnished.

The Property is anchored by Philadelphia’s world-class “Eds and Meds” economic drivers. Residents are a 15-minute walk from 4,000 employee Pennsylvania Hospital and a 20-minute walk from the 14,500 employee Thomas Jefferson University Hospital, creating a built-in, recession-resilient tenant base of high-earning professionals. This tenant base is among the city’s most affluent; 25% of residents within a quarter-mile earn over $200,000 annually, and the average household income is $171,000 creating a demographic with limited price sensitivity.

Further validating the location’s value, robust end-user demand is evidenced by ten recent individual condominiums on floors 4-7 selling for an average of $323,990 ($326 psf) within the last 6 months. This prime location is insulated from new supply by Society Hill’s strict historic zoning regulations, which preserve the neighborhood’s architecture by making new development exceptionally difficult and protecting existing properties from future competition. The Property adjoins the historic Head House Shambles and boasts a Walk Score® of 98 (“Walker’s Paradise”), with over 400 businesses, shops, and award-winning restaurants just steps away.

Head House Flats presents a rare opportunity to acquire a cash-flowing, irreplaceable multifamily asset with a proven path to capture significant rental upside in a location catering to Philadelphia’s most discerning residents.