Views at Fishtown

150 Units | 12,500 Commercial & Artist Loft Space SF

Overview

  • Offering Price $38,000,000
  • Residential Units 150
  • Pro Forma Cap Rate 6%
  • Commercial/Artist Lofts 12,500 SF
  • Total GSF 120,518
  • Price per Unit $246,753
  • Price PGSF $315

On behalf of ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in The Views at Fishtown situated at 2400 East Huntingdon Street in the Fishtown neighborhood of Philadelphia (the “Property” or “Asset”). The Property is comprised of 150 newly constructed apartment units, ±5,500 square feet of commercial space, and ±7,000 square feet for artist lofts. The Property benefits from its location in Fishtown, one of the most desirable neighborhoods in the Philadelphia MSA featuring award-winning retail, eateries, and nightlife.

The Asset is being offered Pre-Certificate of Occupancy, and the new owner can take advantage of the City’s tax abatement and pay no taxes on the improvements for 10 years. The Property consists of 80% one-bedroom apartment units. All units feature high-end finishes including stainless steel appliances, stone countertops, luxury bathrooms, well-appointed common areas, a swimming pool, a fitness center, and ample secure below-grade parking. Furthermore, the Property features two elevators, central HVAC, an in-unit washer/dryer, a roof deck, and balconies in select units.

Future tenants will live adjacent to Fishtown Crossing Shopping Center which features national retailers such as Starbucks, Honeygrow, TMobile, and Citizens Bank. The Center recently completed a value-add repositioning with the goal of adding upmarket retailers in the future. Additionally, the Property is in close proximity to Planet Fitness, CVS, and Wawa which rounds out a long list of essential retail steps from the front door.

The Property is located minutes from major roadways including I-76, I-676, and I-95 providing unmatched access to the Philadelphia MSA. The Asset is less than one mile from the Huntingdon and York-Dauphin Stations carrying commuters into Center City and the surrounding suburbs via SEPTA’s Market-Frankford Line.

Investment Highlights

10-Year Tax Abatement: Pay No Taxes on the Improvements for a 10-Year Period

New Construction Property: No Deferred Maintenance; Turnkey Operation

Luxury Apartment Living: High-End Finishes at Accessible Pricing
Highly Amenitized Property: Pool, Fitness Center, Roof Deck, and Below Grade Parking

Proximity to Public Transit & Highways: SEPTA Bus and Rail Lines; Interstates 95, 76 and 676

Team

Ken Wellar

Founding Partner
GREA
215-454-2879
610-745-4800

Alan Krawitz

Associate Director
GREA
267-323-4083
610-420-4559

Corey Lonberger

Founding Partner
GREA
215-454-2878
267-760-3726

Douglas Emrich

Associate Director
GREA
215-454-2889
610-733-8482

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