Holliday Fenoglio Fowler, L.P. (HFF) is marketing an 88-unit, Class A multi-housing property for sale that is conveniently located within a Federal Opportunity Zone in Philadelphia’s high-growth Francisville neighborhood. The offering – The Civic – sits on one parcel currently zoned CMX-3 with an additional 26,518 square feet of developable land (Phase II) that allows for an additional 233,755-square-foot development by right. This truly unique opportunity presents qualified investors the ability to acquire a Class A apartment community and adjacent development parcel while benefiting from the highly desirable Federal Opportunity Zone tax benefits.
The Civic comprises five levels plus one lower level. The foundation of the building was designed for nine stories while only five were built. This provides the opportunity for additional development on top of the existing building, subject to zoning variances. The existing multi-housing property consists of 88 brand-new, spacious, micro-studio, one- and two-bedroom apartments; 33,000 square feet of commercial space; and a state-of-the-art amenity package featuring a fitness center with yoga room, rooftop lounge, doorman/front desk concierge, business suites, pet washing room, bike storage, golf simulator, game room and more. Phase II presents the opportunity to develop by right up to 233,755 square feet on the same parcel. The CMX-3 zoning provides for a variety of creative development scenarios and the flexible zoning and fundamentals support the development of residential, commercial and retail spaces for the Francisville neighborhood to benefit from.
The apartment community for sale is situated at 1600 West Girard Avenue in Philadelphia’s Francisville neighborhood, which is regarded one of the hottest submarkets in the city due to its convenient access to Center City as well as access to highways and public transportation, affordable cost of living, amenity rich neighborhood and accessibility to national employers.
To learn more about this Class A multi-family community for sale in Philadelphia’s MSA or other commercial real estate listing in Philadelphia and the Mid-Atlantic, please contact Mark Thomson, Carl Fiebig or Francis Coyne in HFF’s Philadelphia office.
To view HFF’s current real estate investment sales listings, please click here.