Holliday Fenoglio Fowler, L.P. (HFF) is marketing a two-property, value-add, multi-housing portfolio for sale totaling 495 units unit in the heart of the desirable Mt. Airy and East Falls neighborhoods of Philadelphia, Pennsylvania. The properties, Greene Manor and Carlton Park, are less than two miles apart and being offered jointly and individually. Greene Manor and Carlton Park represent a unique opportunity to acquire a value-add portfolio of scale in two of the most desirable neighborhoods of Philadelphia.
The multi-housing properties have received varying levels of unit upgrades when necessary but have not undergone a modern, streamlined value-add program to compete with the contemporary renovated product in the market. Throughout Greene Manor, 48% of the units have received differing levels of upgrade, achieving an average rental premium of $180 above unrenovated market-rate units. At Carlton Park, 36% of the units have received upgrades, achieving $216 over a similar unrenovated unit. Additionally, the seller has infused $2.5 million and $1.5 million into Greene Manor and Carlton Park, respectively, over the last three years.
The properties have been institutionally owned and maintained setting the stage for an investor to achieve a strong return-on-cost on direct revenue-enhancing improvements.
Greene Manor comprises 378 apartments and three commercial spaces spread throughout four adjacent, unique apartment communities individually referred to as The Vue, The Tudors, The Fairmount and The Gardens. The Vue, which is a high-rise containing 164 residential units and three commercial spaces, offers a fitness center, yoga studio, package locker system, leasing office and more. The Tudors is a 91-unit, architecturally stunning mid-rise containing a free-standing leasing office. The Fairmount and The Gardens are 67 units and 56 units, respectively, in quiet garden-style communities.
Separately, approximately a mile and a half south, Carlton Park offers 117 units spread across 30 buildings on 3.8 low-density acres. Each apartment building at Carlton Park resembles a large, attractive, single-family home and generally contains four units.
Greene Manor and Carlton Park are strategically located throughout Mt. Airy and East Falls, which are two of the most desirable, infill neighborhoods of Philadelphia. The multi-housing properties for sale are each within a quarter mile from a SEPTA Regional Rail station and are conveniently situated near the heavily traveled Interstates 76 and 95, Route 1 and the Pennsylvania Turnpike, affording residents easy access to Center City, suburban employment hubs and other regional destinations. Mt. Airy and East Falls provide a central, densely populated location with proximity to a multitude of national employers, high-end single-family homes, sought-after schools and award-winning dining and entertainment options.
To learn more about this value-add multifamily portfolio for sale in Philadelphia or other commercial real estate listing in Philadelphia and the Mid-Atlantic areas, please contact Mark Thomson, Carl Fiebig or Francis Coyne in HFF’s Philadelphia office.
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