Center City Building Offers Micro-Units for Rent | NBC 10 Philadelphia

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Center City Building Offers Micro-Units for Rent

Philadelphia Business Journal - Natalie Kostelni
This former office building at 15th and Chestnut streets in Center City was converted into apartments.

Alterra Property Group is testing whether the Philadelphia multifamily market would lease small apartments called micro-units and, so far, it looks as if there is demand for these compact abodes.

Alterra’s newest Philadelphia property, Avenir at 1515 Chestnut, has 180 apartments – and 60 are micro-units.

The micro-units range in size from 320 and 350 square feet up to 420 square feet. Rents on the smallest units are $1,050 a month while a larger unit commands $1,350 in rent a month. Leases are signed on 45 of the micro-units.

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