Avenue Flats & AF Bornot Dye Works Lofts_Property for Sale

Philadelphia, PA, US, Americas

Avenue Flats & AF Bornot Dye Works Lofts

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Avenue Flats (24 Units) and AF Bornot Dye Works Lofts (17 Units) (the “Properties” or the “Portfolio”), a 41-unit, best-in-class new construction and adaptive reuse Portfolio featuring 19,000 square feet of fully leased retail space in the thriving Fairmount neighborhood of Philadelphia. The opportunity is being offered exclusively as a Portfolio.

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Attributes

Units

Rentable area

39,242 sf

Avenue Flats & AF Bornot Dye Works Lofts (2 Properties)

Media

Investment highlights

Avenue Flats

New Construction: Completed in March of 2024, Avenue Flats offers a thoughtfully designed mix of one- and two-bedroom apartments complete with top-of-the-market finishes and open floorplans.

AF Bornot Dye Work Lofts

Adaptive Reuse: Originally constructed in 1901, the Property was redeveloped in 2016 into a 17-unit apartment community featuring one-to three-bedroom floorplans boasting an average unit size of 1,237 square feet.

Positive Leasing Momentum: The last 5 and 10 signed leases across the Portfolio have achieved average rents 12% and 5% above the current rent roll, respectively.

Impressive Lease-Up Performance: Avenue Flats was delivered March 2024 and reached stabilization within 4 months, with current occupancy at 100%.

10 Year Tax Abatement: Avenue Flats and AF Bornot Dye Works have both qualified for a full 10-year abatement of real estate taxes commencing in 2025 and 2018, respectively.

Philadelphia's Fairmount Neighborhood: Directly on Fairmount Ave, residents have unparalleled access to the main commercial corridor of the area, offering residents a surplus of neighborhood entertainment options.