Portfolio · Current Project

1510 W Allegheny.

A 93-unit institutional multifamily development in Philadelphia, PA — currently in entitlement and design.

Overview

From single-family zoning to institutional multifamily.

Acquired in 2021 as a single-family-zoned parcel containing a non-conforming structure. Through a multi-year entitlement campaign, Deva secured approvals for a 93-unit multifamily community consisting of two residential buildings.

93 residential units across two buildings
Acquired 2021 — single-family zoning
Multi-year entitlement campaign
Approved for institutional multifamily development

Opportunity Zone

Qualified Opportunity Zone benefits.

1510 W Allegheny is located within a federally designated Qualified Opportunity Zone. The project's location within a Qualified Opportunity Zone may provide significant tax advantages to eligible investors, including potential deferral of capital gains and potential exclusion of future appreciation generated through a compliant Opportunity Zone investment structure.

Disclaimer: The information provided herein is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment interest, nor is it intended as tax, legal, or financial advice. Qualified Opportunity Zone tax benefits are subject to specific eligibility requirements and depend on individual circumstances and applicable federal and state law. Prospective investors should consult their own qualified tax, legal, and financial advisors before making any investment decision related to Qualified Opportunity Zone benefits.

Market thesis

A scalable model for workforce housing demand.

The demand drivers supporting 1510 W Allegheny are not unique to Philadelphia. Across the United States, healthcare systems, universities, and growing employment corridors continue to generate demand for quality workforce housing. Deva intends to leverage its acquisition, entitlement, and redevelopment expertise to pursue similar opportunities in markets where housing supply has not kept pace with employment growth.

Investor materials

Review the full Offering Memorandum.

A detailed look at the 1510 W Allegheny opportunity — site, entitlements, design, market thesis, and unit mix. Prepared by Deva Real Estate Development for review by qualified parties.

Download Offering Memorandum PDF · ~13 MB

Renderings

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