Commercial real estate news releases from Avison Young

Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.

Avison Young markets new Philadelphia multifamily property for $74 million

Avison Young markets new Philadelphia multifamily property for $74 million April 1, 2024

The property is located in a Federal Opportunity Zone and has pre-TCO status

Philadelphia, PA Avison Young has been retained to market The York Apartments, a new multifamily/student housing development at 1600 North 11th Street adjacent to the Temple University campus for $74 million. The York Apartments consist of 320 units and benefits from affordable rental rates and its location within a Federal Opportunity Zone. The property is nearly complete and is currently being leased, with the current owner guaranteeing property stabilization to 95% occupancy during the first year of ownership.

The sale is being handled by Adam Gillespie and Ben Fabiszewski, both based in Avison Young’s Philadelphia office.

“The York’s location is an anomaly for projects within a Federal Opportunity Zone,” said Gillespie.  “No other location will allow for price appreciation over a 10-year hold because of the captive rental base from young professionals and students seeking a discount to rental rates from comparative properties in nearby Center City, Philadelphia.”

The York Apartments consist of 316 fully furnished studios and four two-beds and caters to young professionals or students seeking private spaces and lower rents. The units come with beds, desks, all-in-one washer dryers, and modern kitchens with stainless steel appliances. “The average rental rate of $1,726 is 20% lower than comparable units in the nearby City Center,” said Gillespie.

“The York is located in the North Philadelphia market which has seen the most absorption over the past year than any other area of Philadelphia,” said Fabiszewski. “Its area is located in a walkable environment with convenient access to neighborhood amenities – factors that attract renters to reside in the area.”

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

Follow Avison Young

Twitter (News) Twitter (Deals) Blog LinkedIn YouTube Instagram

For more information:

  • Download property photos here.

Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697