624 S. 13th Street – Mixed Income Residential
The Parker
| Purchase Price | Ground Lease |
| Construction Costs | $7.1M |
| Total Deal Size | $9.8M |
| Asset Class | Multifamily / Mixed Income |
| Equity Source | Friends and Family |
| Number of Apartments | 45 / 14 Affordable |
| Commercial SF | n/a |
| Status | Pre-Construction |
Market:
Philadelphia/Hawthorne
Seller:
City of Philadelphia / Awarded via RFP
Business Plan:
New Construction of 45 apartments on currently vacant site. The project will offer onsite affordable housing and is the first ever residential ground lease with the City of Philadelphia.
Roles and Responsibilities:
Developer – Benchmark Real Estate Partners
General Contractor – Benchmark Construction Group
