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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