A massive garden-style apartment complex in the shadow of Philadelphia International Airport is on the market for the second time in a decade.
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New Jersey-based AJH Management is looking to sell International City Apartments, which includes 1,068 units across 64 two-story buildings on 44 acres, according to a listing obtained by the Philadelphia Business Journal. The outlet called it the city’s largest apartment complex.
The owner bought the property at 7900 and 8400 Lindbergh Blvd. in Southwest Philadelphia from Korman Ventures for $141M in 2019 and has invested $5M in the complex since then. Korman acquired the land and built International City in the 1970s.
Newmark is marketing it as a value-add opportunity, PBJ reported. The team handling the listing includes Carl Fiebig, Erin Miller, Maura Kate Spellman, Chris Koehler, Marybeth Farris and Griffin McGovern.
Newmark and AJH didn't respond to Bisnow’s requests for comment.
The complex includes a mix of studio, one-bedroom and two-bedroom units.
Of the units listed on the community’s website Monday as available for move-ins in the next 30 days, the cheapest studio was going for $995 per month and the most expensive two-bedroom for $1,530.
CBRE calculated an average multifamily rent of $1,985 last quarter for the Southwest Philadelphia submarket, which includes a larger section of the city than the neighborhood commonly associated with that name.
The International City website is advertising an end-of-summer move-in special of one month of free rent. New tenants who sign a 13-month lease for a one-bedroom unit without a den by Sept. 20 are eligible if they move in by Sept. 30.
CBRE reported a 4.7% vacancy rate last quarter in Southwest Philly, higher than anywhere else in the region.
The submarket recorded 319 units of net absorption, which was the lowest of anywhere in Philadelphia proper.
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