3881-3889 E Market St, York, PA 17402

Fallbrook Flats

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Fallbrook Flats (the “Property”), a newly constructed, 148-unit luxury apartment community located in York, PA. The Property is well positioned within the region to benefit from one of the nation’s best industrial submarkets. The impressive lease up performance paired with its proximity to demand drivers presents investors with the opportunity to acquire a recently completed asset that offers future growth as exemplified by other Class A properties in the region.

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Attributes

Year built

2023

Units

148 units

Building area net

158,060 sf

Parking spaces

299

Occupancy

90%

Buildings

Floors

3 floors

Media

Investment highlights

New Construction Opportunity

New leases signed over the past two months (March 1st through May 1st) are achieving an average rent of $1,738, or $60 (4%) increase compared to the overall average in-place rent of $1,678, underscoring the desirability of this location and continued demand for luxury multi-housing product.
Annual rent growth in the York County submarket is expected to remain above 3.0% through 2027, allowing for consistent, organic rent growth throughout an investor’s hold period.

Impressive Lease-Up Performance

In its first month of pre-leasing, 19 leases were signed. Building 1 reached stabilization in October 2023.
Buildings 2 and 3 have demonstrated similar success. Building 2 began its lease-up in October 2023 and secured a total of 24 leases from October to February, outperforming market averages during the winter leasing season.

Dynamic Suburban Location Proximate To Demand Drivers

46.5 million square feet of industrial inventory delivered since 2021
4th best industrial submarket in the country with 10.1% year-over-year rent growth since 2017
Located directly off East Market Street and just 15 minutes from downtown York, Fallbrook Flats is surrounded by the county’s best retail, lifestyle, education, and employment offerings.
York Town Center and the York Galleria Mall, two of the city’s premier shopping destinations, sit less than 2 miles from the Property and are anchored by national retailers including DICK’S Sporting Goods, Best Buy, ULTA Beauty, and Marshalls.
York is home to a collection of both national and global employers including the WellSpan Health network, BAE Systems, Harley-Davidson motor company, and Glatfelter among many others.