BRUSH FACTORY LOFTS | 152 LUXURY UNITS

OFFERS DUE BY 12:00 P.M. ON OCTOBER 2, 2024

Overview

  • Offering Price $53,000,000
  • Pro Forma CAP Rate 5.5%
  • Apartment Units 152
  • Price per Unit $348,684
  • Building SF 147,525+
  • Lot Size SF 47,977+

Opened in 1926 as a paintbrush manufacturing facility, Brush Factory Lofts has been transformed into modern apartment lofts. The property comprises 152 units with a mix of studio, one-, two-, and three-bedroom units. The lofts offer quality interiors, functional amenities, and seamless indoor and outdoor spaces. Eco-conscious features include LED lights, Energy Star appliances, motion-controlled lighting, and efficient heating and cooling systems.

Each unit boasts stylish, high-end finishes including high ceilings, stainless steel appliances, stone countertops, subway tile backsplashes, white shaker-style cabinets, LVT flooring, custom light fixtures, and in-unit washers and dryers. Residents enjoy access to the on-site amenities including a bike room, a media room, a fitness center, workspaces, package receiving, on-site secure parking, and car charging stations. In addition, there is a 4,000-square-foot roof deck with lounge seating and a kitchenette. The roof deck offers beautiful views of Center City, the Walt Whitman Bridge, the Benjamin Franklin Bridge, and the sports stadium complex.

East Passyunk is an affluent South Philadelphia neighborhood directly south of Center City Philadelphia with immediate access to public transportation. Significant residential development has given way to cafes, craft bars, award-winning restaurants, and boutique shops all within walking distance of the Property. Rents in this area are priced at a discount to Center City, Graduate Hospital, and Queen Village providing value to renters seeking a lower price alternative without comprising quality or location.

Situated on the highly visible northwest corner of 12th and Jackson Streets, residents have direct access to Broad Street (Route 611) and are close to Interstates 95, 76, and 676. Several bus routes and SEPTA’s Broad Street Line are within minutes for a commute into Center City, University City, and the surrounding suburbs via connections to the Market-Frankford Line and regional rail lines.

Key Facts

Luxury Apartment Living: High-End Finishes at a Substantial Discount to Class A High-Rises

New Construction Property: Little to No Deferred Maintenance; Turnkey Opportunity

Supply Constrained Neighborhood: Scarcity of Land and Existing Density Make Development Challenging
Affluent East Passyunk Location: Mature and Affluent Neighborhood Just South of Center City Philadelphia

Immediate Access to Public Transportation: Short Walk to Broad Street Subway (Snyder Station)

Abundant Neighborhood Amenities: Walk to Cafes, Restaurants, Bars and Boutique Shops along East Passyunk Avenue

Team

Ken Wellar

Ken Wellar

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

Corey Lonberger

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

Alan Krawitz

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

Douglas Emrich

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

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