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“Greater Philly Multifamily Market Sees Vacancy Drop As Construction Pipeline Tapers Off”

Philadelphia’s post-pandemic multifamily market has been defined by oversupply, high vacancy and big concessions to lure in renters with lots of choices. That status quo is set to shift as the region’s construction boom wanes. New leases outpaced deliveries region-wide for the first time in 13 quarters.

Read more: https://www.bisnow.com/philadelphia/news/multifamily/apartment-market-vacancy-drop-construction-slows-129773?utm_source=outbound_pub_76&utm_campaign=outbound_issue_86799&utm_content=outbound_link_11&utm_medium=email

Contact Agent PHL for access to our market-leading inventory of development sites and investment properties throughout the Greater PHL MSA: agentphl.com

Newly Priced: $9,750,000

“The Grace”

THE GRACE — named for a Philadelphia icon, Grace Kelly — this boutique, 34-unit new construction apartment property is nestled in the northwest hills of East Falls in Philadelphia, Pennsylvania. This premium turnkey multifamily asset commands an impressive streetscape presence on Midvale Avenue — the winding, bucolic avenue which runs from the top of the hill to the Schuylkill River.

Located in the storybook East Falls setting where extremely high barriers-to-entry exists, the building is comprised of studios, 1bd and 2bd apartments and commercial space. Residents have access to a fully furnished fitness center on the ground floor to practice everyday health and wellness, as well as a panoramic rooftop terrace showcasing views of the lush surrounds. The Property is set back from the bustling Ridge Ave corridor and tucked into the landscape, providing a quiet respite for residents. Yet, it’s just steps from the plentiful shops, restaurants, cafes and amenities in the East Falls borough, and equally convenient to Main Street Manayunk, The Schuylkill River Trail, Septa’s regional rail station, Jefferson University, Wissahickon Valley Park, Bala Cynwyd shopping + office districts, and so much more—just outside of the urban core.

The asset carries the benefits of a 10 year tax abatement along with minimal expenditures, in an area poised for above-average rent growth and appreciation — NW PHL.

VIEW LISTING: https://ryanmcmanus947.realscout.com/homesearch/listings/138011018?
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