4011 Market — University City, Philadelphia
Managed by QuakerLane Capital · Multifamily, Ground-up development, Mixed-use · Opportunity Zones in Pennsylvania
323-unit, 12-story Class A multifamily directly adjacent to the Market-Frankford 40th Street subway — walking distance to UPenn, Drexel, and Penn Medicine. Permits issued before Philly's July 2022 deadline, so the project is 100% market-rate (new builds in this submarket now owe 20% affordable at 40% AMI). Tract is OZ 1.0 designated and OZ 2.0 eligible. Recent University City deliveries leased to stabilization at 22–38 units/month.
Overview
Ground-up 323-unit Class A multifamily development on 0.58 acres adjacent to the Market-Frankford Subway 40th Street Station in University City, Philadelphia. 270,000 SF building with one floor of sub-grade parking, 3,000 SF of ground-floor retail, 12 stories with 9' clear apartment ceilings and 18' clear ground-floor heights.
100% market-rate permits grandfathered (issued before the July 18, 2022 deadline that subjects new projects to 20% affordable requirement at 40% AMI). Modified 10-year tax abatement secured. LEED Platinum-targeted. Equity Investors can participate under an OZ-compliant structure for maximum tax efficiency.
At a glance
Targets are sponsor-stated and not guaranteed.
Investment thesis
University City accounts for ~12% of all Philadelphia jobs despite representing only 2% of the city's footprint, anchored by UPenn, Drexel, the Hospital of the University of Pennsylvania, and Children's Hospital of Philadelphia.
Two most recent University City deliveries — ANOVA University City and Solo 4233 (formerly Next LVL) — leased from delivery to stabilization at 38 units/month and 22 units/month respectively, demonstrating acute supply/demand imbalance.
Institutional landlords already operating in University City include Baupost Group, KKR, GIC, EQT/Exeter, Carlyle, Blackstone, and Silverstein Properties — validating the submarket for OZ-scale investment.
84% of University City workers live in the neighborhood; average worker income at Penn Medicine is $92,000 — a defensible workforce-housing tailwind.
Geographic focus
4011-19 Market Street + 18 N 40th Street, University City, Philadelphia. Directly adjacent to the Market-Frankford Subway Line 40th Street Station. Walking distance to UPenn, Drexel, Penn Medicine. OZ 1.0 designated + OZ 2.0 eligible tract.
Investor timeline
Sponsor
QuakerLane Capital — $400M+ GAV AUM . Philadelphia-based real estate investment and development firm. Per sponsor materials: $22B+ in historic investment and financing transactions; $400M+ GAV of assets owned and controlled. Certified Minority Business Enterprise. Sponsor partners include Greystar (Multifamily Predevelopment Advisor; 800,000 residential units managed), Hunter Roberts Construction Group ($5.6B in Philadelphia construction), and Nelson (architect and LEED consultant; 10,000+ residential units designed/built in last 5 years).
Leadership team
The people responsible for acquiring and managing the fund's assets.
Key risks
- Illiquid for ~10 years. No public market for shares; plan to leave capital invested for a decade.
- Returns are targets, not guarantees. Real estate can underperform; you could receive less than invested.
- Tax benefit requires the full hold. The appreciation exclusion applies only at 10+ years.
- Single-asset, single-submarket concentration risk in Philadelphia's University City.
- Ground-up construction risk; building permit not yet issued at deck date.
- Reliance on continued life-science and academic employment growth in University City.
- Reliance on tax-abatement structure remaining intact (modified 10-year abatement secured but tax-policy changes could affect).
- Single-sponsor execution risk. Outcomes depend on QuakerLane Capital's acquisition and management. Past performance does not guarantee future results.
Model your return
Compare this fund's after-tax outcome against paying the tax and investing elsewhere.
Hypothetical scenarios. Not a forecast. Past performance does not predict future results. Target IRR is sponsor-stated; actual returns may differ materially. S&P 500 baseline uses 10% historical nominal; T-bills 4% nominal. State tax: California 13.30%. Federal LTCG 20% + 3.8% NIIT applied to appreciation at exit on non-OZ paths. QROF appreciation tax-free after 10-year hold per IRC § 1400Z-2. Not investment advice; not an offer to sell securities.
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