Odin Properties, a real estate company that invests in bringing quality workforce, affordable, and market-rate housing to underserved communities, announces the unveiling of two transformative residential developments, Kenyon Lofts and Vernon Lofts, located in the Germantown neighborhood of Philadelphia. These developments mark a significant milestone for Odin Properties, reinforcing its commitment to enhancing community living through modern, safe, attainable housing options.
Vernon Lofts and Kenyon Lofts collectively introduce 94 apartment units to Germantown, addressing the growing demand for affordable market-rate housing in the area.
“At Odin Properties, we believe that everyone deserves access to modern, comfortable, and affordable living,” said Philip Balderston, Founder and CEO of Odin Properties in a statement. “There is currently a limited supply of market-rate apartments that are attainable for many Philadelphians who cannot afford to keep pace with the surging cost of market-rate apartments yet earn more than the maximum requirements to apply for affordable housing. We are working diligently to fill this gap so that residents can continue to remain in their communities, and we’re energized by what Kenyon Lofts & Vernon Lofts will introduce to Germantown.”
Kenyon Lofts, the brand new, 45,000 square-foot ground-up development will introduce 47 units including studios, one- and two-bedroom units ranging in size from 500 square feet to 998 square feet. Located at 40 E. Armat Street, the building features quality modern finishes at an affordable rate, as well as a roof deck for residents to take in the views of historic Germantown. Residents of Kenyon Lofts will also have shared access to amenity spaces at Vernon Lofts, enhancing their resident experience. The property also features a 780-square-foot ground-floor retail space.
Vernon Lofts is a 77,000 square foot historic preservation project, completed by Odin Properties, that maintained the landmark building, that once served as home to C.A. Rowell Department Store – the first black-owned department store in the nation. Located at 5627-33 Germantown Avenue, the property will now bring new value to the Germantown community through the introduction of 47 new apartment residences at an affordable price point, all while maintaining the historic character of the neighborhood. Units at Vernon Lofts include one-, two-, and three-bedroom units, as well as one four-bedroom unit, ranging in size from 591 square feet to 1,264 square feet. Resident amenities include a fitness center, co-working space with 11 private spaces available for rent, bike storage, a roof deck, a resident lounge, and more. The property also features a ground-floor retail space, currently occupied by DTLR.
Mid Penn Bank served as the lender for Keynon Lofts, and TriState Capital Bank served as the lender for Vernon Lofts.
