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1,068-unit International City Apartments in Philly set for sale
The 44-acre complex is advertised with 30-day move-in availability, rents from $995 for studios to $1,530 for two-bedrooms.
AJH Management is marketing International City Apartments, a 1,068-unit garden-style apartment complex in Southwest Philadelphia near Philadelphia International Airport, for sale for the second time in a decade, according to Bisnow, citing a listing obtained by the Philadelphia Business Journal.
The property spans 44 acres across 64 two-story buildings. Bisnow reports the current owner acquired the land and buildings at 7900 and 8400 Lindbergh Blvd. from Korman Ventures for $141M in 2019 and has invested $5M since then.
Newmark is marketing the asset as a value-add opportunity, and Bisnow says the listing team is pitching an end-of-summer move-in special that includes one month of free rent. Units listed for move-ins in the next 30 days start at $995 per month for the cheapest studio, while the most expensive two-bedroom is listed at $1,530.
Bisnow also points to market conditions in the Southwest Philadelphia submarket, where CBRE calculated a 4.7% vacancy rate last quarter and said net absorption of 319 units was the lowest in any Philadelphia proper submarket. The complex is offering 13-month lease eligibility details for certain one-bedroom units before Sept. 20, with a move-in deadline of Sept. 30.