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|Number of units||118|
JLL is pleased to present the opportunity to acquire Carlton Park, a 118-unit, 1958-vintage, value-add opportunity located in the historic East Falls submarket of Philadelphia.
Situated within walking distance to the Queen Lane Train Station and less than seven miles from Center City Philadelphia, current ownership has capitalized on the transit-oriented location by renovating 10% of the unit mix and establishing a $400 premium. New ownership can evaluate and modify the current renovation program while capitalizing on the large unit types and low-density setting in one of Philadelphia’s most sought-after neighborhoods outside of Center City.
Carlton Park is offered individually or in conjunction with the Mt. Airy Portfolio, 382 units in Mt. Airy, Philadelphia, PA.
Compelling Value-Add Opportunity
- Current ownership has renovated approximately 10% of the unit mix, resulting in rental premiums of more than $400. New ownership is presented the opportunity to continue the current renovation program and capitalize on significant rental premiums. Additionally, Carlton Park has received more than $2 million of capital expenditures to address deferred maintenance items, allowing new ownership to focus entirely on revenue-enhancing opportunities.
Sought-After In-fill Location
- Carlton Park sits 0.25 miles from the Queen Lane SEPTA Regional Rail station and provides convenient access to a multitude of transportation options including bus stops along W. Queen Lane, Lincoln Drive, I-76, and Route 1. This connectivity allows for immediate commuter access into Center City and the surrounding employment centers within Conshohocken, Bala Cynwyd, and King of Prussia. Furthermore, Carlton Park is proximate to various local demand drivers including Thomas Jefferson University, Drexel College of Medicine, LaSalle University, and St. Joseph's University.
Strong Market Fundamentals
- The East Falls submarket has become an increasingly desirable destination for a growing number of renters in search of a cost-effective housing solution, with rents in East Falls averaging approximately half of that in Center City. As a result of this demand, rental rates have increased 5.2% year-over-year as of 3Q21, while vacancy remains at 3.0%, below the Philadelphia market average of 4.0%.