The Philadelphia Housing Authority has written another large check in its ongoing shopping spree, paying $49.1 million for the newly built Avenue V apartments at 1635 N. 5th Street in Olde Kensington. The deal adds roughly 200 units to PHA's portfolio and folds the project into its Opening Doors strategy to acquire private-market multifamily buildings. Avenue V also comes with a sizable chunk of retail space that developers say could help bring fresh storefronts to North Philadelphia.
What PHA bought
According to Connect CRE, Avenue V was finished in January and sold to PHA for $49.1 million. The outlet reports the complex is about 200 units and includes roughly 20,000 square feet of available retail. The sale marks the second phase of Riverwards Group's Avenue V project, following an 82-unit first phase that traded in 2022.
The developer and the project
Developer Riverwards Group pitches Avenue V as a mixed residential and retail block lining North 5th Street, with courtyards, shared amenities and ground-floor commercial space. Riverwards Group's project page features renderings and floor plans that lay out the development's design and how it is intended to fit into the surrounding neighborhood fabric.
Part of a bigger strategy
The Avenue V purchase slots neatly into PHA's Opening Doors initiative, which aims to expand and preserve affordable housing by buying existing private multifamily properties instead of building everything from scratch. In a May 14, 2025 announcement, PHA detailed its roughly $58 million acquisition of Somerset Station in Port Richmond, another sizable purchase under the program. Industry coverage has also tracked additional deals, including a March 2025 Germantown portfolio that The Real Deal pegged at about $75.9 million, as the authority continues expanding its holdings.
Tenants, turnover and questions
Not every handoff to PHA has been seamless. At The Dane, another private building brought under the authority's umbrella, some tenants described a bumpy changeover after PHA assumed ownership, according to reporting by The Inquirer. The outlet also quoted housing expert Akira Rodriguez, who said, "PHA is under a tremendous amount of pressure." Those accounts highlight the logistical headaches and community concerns that can come with folding market-rate properties into an affordable housing system.
What comes next
PHA says its Opening Doors initiative is designed to preserve and expand affordable units across multiple neighborhoods, and the agency's website outlines the program's goals and financing structure. For Avenue V, the sale means a new public owner and potential shifts in how apartments are managed and filled, whether with Section 8 voucher holders, market renters or some combination of both. City officials and nearby residents are likely to keep an eye on how that mix plays out over time. More details on the broader program are available on PHA.
