
42nd & Chestnut - Philadelphia, PA
A ground up, 199 unit, luxury multi-family development in University City
42nd & Chestnut is planned to be a luxury 5-over-2 project targeting young professionals drawn to University City’s burgeoning life science ecosystem and extensive medical research and academic institutions. The Project offers 199 units across two buildings and provides residents with approximately 17,000 square feet of amenity space as well as 11,000 square feet of on-site retail.
Overview
- 5+2 Woodframe over Steel Podium
- 199 units with an average unit size of 679 SF
- Phased delivery with two buildings. Phase 1 includes 136 units, the majority of the amenity space, and parking spaces. Phase 2 will include 63 units.

199 Units
Studio, 1-Bed, and 2-Bed Mix
Dec 2019
Acquisition date
Q4 2026
Anticipated delivery

Rare Opportunity
42nd & Chestnut is one of the last projects to be permitted in the city of Philadelphia with a rare combination of 100% market rate units, the 2021 full tax abatement schedule and exempt from a new multifamily construction tax.
Dynamic Market
Philadelphia’s University City is home to some of the most highly-acclaimed educational facilities and hospitals in the world – the University of Pennsylvania, Drexel University, the University of the Sciences, the Hospital of University of Pennsylvania, and Children’s Hospital of Philadelphia
Anchored by world class institutions, University City is one of the fastest growing submarkets in the United States, driven by rapid growth in life science and medical research, driving increases in employment, discretionary income, and educated population.
University City has seen an influx of institutional landlords and developers including KKR, GIC, EQT/Exeter, and Silverstein.
University City accounts for approximately 12% of all jobs within Philadelphia, despite representing only 2% of the city’s total footprint, and is poised to be the site of major job creation in the years to come due to the rapid growth in medical and educational institutions and private firms.
As a result of this market growth and its maturation, multifamily demand has significant outpaced supply in University City, resulting in more rent growth than any other Philadelphia submarket.
