Directly to the west of center city, West Philadelphia is a rapidly appreciating property investment market.
Home to the University of Pennsylvania, Drexel University, Wharton Business School and several major hospitals and medical training facilities, West Philadelphia sees an influx of 150,000 students and university professionals each year.
On October 1, 2019, Turnkey Property Pro, a Philadelphia-based real estate investment company, announced the completion of its first gut renovation project in West Philadelphia. They also vowed to continue revitalizing the area.
The recently-completed property, at 723 S 56th St., is one of two properties Turnkey has invested in in West Philadelphia. The other is a fully-renovated duplex property at 834 S 56th St. which is currently still undergoing renovation.
Turnkey identified the opportunity for investment as property values in the previously-declining neighborhood began to rise. The team is focusing on Cobb’s Creek, Angora, “Northern” Kingsessing, and “Southern” Haddington.
Turnkey Property Pro has origins in Philadelphia, having moved into the city in 2018 to focus on developing declining neighborhoods and fixing blight.
Turnkey says they are not just about flipping properties; the company takes a neighborhood-centric approach, trying to ensure that their projects positively impact the people who already live there, while elevating the area by attracting new residents and businesses.
“Philadelphia has been an important part of our growth story, and we not only have business interests there, but genuine love for the city and its residents,” said Turnkey Property Pro CEO Oliver Somoza.
“We’re passionate about restoring some of the deteriorating properties in West Philadelphia to their former glory, while bringing quality affordable housing options to the area,” he added.
Photo of Baltimore Avenue in West Philadelphia by studio34 via Flickr.