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|Number of units||76|
JLL is pleased to present the opportunity to acquire Afton Park, a 76-unit, value-add offering located in Philadelphia, Pennsylvania. Built in 1961, this 76-unit community features a favorable unit mix consisting of 3 studios, 53 one-bedroom units, and 20 two-bedroom units. Afton Park presents investors with a rare opportunity to acquire a stabilized asset with significant rental upside in the dynamic Fox Chase submarket of Philadelphia.
COMPELLING VALUE-ADD POTENTIAL
- Current ownership has maintained the property to a high standard, addressing most deferred maintenance items including replacement of windows, sliders, and roofs. Furthermore, each unit has significant potential to benefit from an interior renovation program. The Property has consistently achieved renewal increases and maintained stabilized levels of occupancy, providing new ownership the ability to capitalize on strong in-place fundamentals, while developing a systematic unit renovation strategy to increase rents more than $250 and achieve high double-digit returns.
RESILIENT MARKET FUNDAMENTALS
- Afton Park is well-positioned to further capitalize on the submarket’s stable investment fundamentals. With no new apartment projects in the immediate pipeline, rent growth in this submarket has significantly outperformed the metro’s average, while vacancy has remained below 5%. As of 2Q21, rental rates have increased 5.6% year-over-year.
TRANSIT ORIENTED LOCATION
- Afton Park is located within walking distance to SEPTA’s Ryers and Fox Chase Regional Rail stops along with SEPTA’s Oxford Avenue & Verree Road Bus Stop. The train station provides a 25±-minute commute into Center City and only 20± minutes to Temple University. Furthermore, the property is proximate to major road arteries such as Route 73, Route 1, and Route 232. Thus, Afton Park is one of Philadelphia’s most strategically located rental communities due to its proximity to the Regional Rail, Bus, and major road arteries providing easy access to both Center City Philadelphia and Montgomery County, Pennsylvania.