Odin Properties, a Philadelphia-based developer, will soon begin construction on a new 51-unit affordable housing development in Kensington, writes Paul Schwedelson for the Philadelphia Business Journal.
Sepviva Lofts is expected to be complete by the end of 2026.
The goal is to deliver affordable housing units to individuals and families earning between 20 and 50 percent of the area’s median income.
The $20 million project is Odin Properties’ first ground-up affordable housing development.
“If we were going to be serious about affordable housing here and really pursue our mission of creating affordable housing, this was a natural next step,” Odin Properties CEO Philip Balderston said. “Something we had to do.”
Odin Properties currently has a pipeline of 250 units across multiple projects that are either in the planning or development stage. Philadelphia will be home to 160 units, while the other 90 units will be constructed in Atlantic City.
Overall, Odin Properties’ portfolio consists of 9,000 residential units nationwide, including about 2,000 units in Philadelphia.
Odin’s focus is on adaptive reuse projects, specifically apartments that are affordable for renters who earn about 80 percent of the area median income without government subsidies.
Balderston noted that the upcoming Sepviva Lofts project is the best way to pursue its mission.
Read more about Odin Properties and Sepviva Lofts in the Philadelphia Business Journal.
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