Mountview Apartments 721 N 16th St

On behalf of Ownership, GREA is pleased to exclusively offer the opportunity to acquire the fee simple interest in Mountview Apartments situated at 721-23 North 16th Street and 725-27 North 16th Street in the Fairmount section of Philadelphia. The offering comprises (10) newly constructed apartment units and land approved to build 8 new construction apartments.
- 721-23 North 16th has a desirable unit mix with 80% one-bedroom units, 10% two-bedroom units, and 10% three-bedroom units. The Property boasts high-end finishes including stainless steel appliances, stone countertops, LVT flooring throughout, subway tile backsplashes, and sleek white or black cabinetry. Furthermore, these luxury units feature central HVAC, in-unit washer/dryer, and oversized windows. The Property offers a boutique lobby, balconies on select units, and a common roof deck as amenities to tenants.
- 725-27 North 16th is contiguous with 721-23 North 16th and could connect via a common hallway creating an 18-unit asset with a unit mix of one- through four-bedroom floor plans. New ownership would enjoy both the value creation through new development and a more desirable total number of units under one roof.
Tenants live one block from Fairmount Avenue and Ridge Avenue, both thriving retail corridors that service the Francisville and Fairmount neighborhoods of Philadelphia. The Property has proximity to amenities such as Anytime Fitness, City Fitness, Aldi, Bar Hygge, Univest Bank, and Rite Aid.
Mountview Apartments is transit-oriented, located minutes from major thoroughfares such as I-76, I-676, and I-95 providing unparalleled access to the Philadelphia MSA. Further, a SEPTA train station at Broad Street and Fairmount Avenue is a short walk, carrying commuters into Center City and the Philadelphia Suburbs via the Broad Street Subway.