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 11^th 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.”