Port Richmond Loft Portfolio | 185 Units Multi-Family FOR SALE


Philadelphia, PA - Port Richmond
$39,000,000 USD
215-454-2879
, Philadelphia, PA for Sale
$39,000,000 USD
Multi-Family - FOR SALE
1/22
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Port Richmond Loft Portfolio | 185 Units
Philadelphia, PA
Port Richmond


HIGHLIGHTS

  • Social Impact: Strong potential for mission driven investment; Preserve naturally occurring affordability for low– and moderate-income families
  • Loft Style Asset: The Property embodies loft-style living with large floor plans, high ceilings, and large windows
  • Rapidly Improving Neighborhood: Port Richmond neighborhood continues to attract development as revitalization pushes north of Kensington
  • Access to Major Highways: Current and future tenants have direct access to I-95, I-676, I-76
  • Proximate to National Essential Retailers: National Credit Tenants such as Walmart, Lidl, and The Home Depot line Aramingo Avenue

OVERVIEW

The Port Richmond Loft Portfolio comprises three properties with a total of 185 apartment units and 68 gated surface parking spaces. The Portfolio includes Collins Lofts, East Tioga Lofts, and Westmoreland Lofts. These former industrial properties have been reimagined into character-rich residences featuring vaulted ceilings, exposed brick, and higher-end finishes. Furthermore, East Tioga Lofts features 12 new construction units located at the rear of the property, adjacent to the parking lot. The Portfolio offers new ownership immediate scale, ease of management, and turnkey operations free of deferred maintenance. Furthermore, there is an opportunity for mission-driven investment, preserving naturally occurring affordable housing for low- and moderate-income families and individuals. The Properties are positioned in the rapidly growing Port Richmond neighborhood of Philadelphia, directly adjacent to the Aramingo Avenue commercial corridor. National tenants such as Walmart, Lidl, Ross, Burlington Coat Factory, Applebee’s, and The Home Depot are anchor commercial tenants on the Avenue. Current and future renters are blocks from the Tioga Station on the SEPTA Market-Frankford Train Line, carrying commuters into Center City Philadelphia within 20 minutes. Motorists are less than 10 minutes from I-95, which allows anyone living in these Assets to work in New Jersey, Delaware, or Philadelphia. Purchase Options Collins Lofts: Offering Price of $21,000,000 with Loan Assumption Purchase Option (33.4% Cash Down; 6.5% Cash-on-Cash Return) East Tioga Lofts: Offering Price of $9,300,000 with Loan Assumption Purchase Option (26.8% Cash Down; 5.3% Cash-on-Cash Return); or a Free & Clear Purchase Option Westmoreland Lofts: Offering Price of $8,700,000 with a Free & Clear Purchase Option

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215-454-2879

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215-454-2879

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