Olde Kensington Senior Apartments: 200 Homes at Avenue V, 1635 N. 5th Street, With Rents From $1,095
Quick answerAs of October 7, 2026, Avenue V at 1635 N. 5th Street in Olde Kensington, Philadelphia, is a new six-story building of 200 studios and one-bedrooms that the Philadelphia Housing Authority bought in March 2026. PHA's plan designates 120 apartments as affordable, with rent based on income, and gives seniors a preference. The manager's listing showed 53 apartments at $1,095 to $1,485 a month. There is no lottery: you apply to the building. Every listed studio and junior one-bedroom is under PHA's voucher payment standard for the ZIP code.
Last checked: October 7, 2026, against the Philadelphia Housing Authority's housing opportunities page for voucher holders, its fiscal year 2027 plan, Amendment 1 (approved by HUD June 11, 2026) and board agenda of April 16, 2026, the manager's listing on HotPads (updated October 7, 2026), the City's zoning permit ZP-2021-015889 and building permit CP-2023-001889 in its permit records, the City's property record, the City Planning Commission's design review packet and letter of May 4, 2022, PHA's Unit Based Program page and payment standards (schedule effective November 1, 2025), HUD's fiscal year 2026 income limits, and The Philadelphia Inquirer's report of March 18, 2026. The building's own site, avenuevapts.com, blocks automated readers and was not read. The leasing office decides what is open and what it rents for; confirm there before you apply.
- 200studios and one-bedrooms in a six-story building
- 120apartments PHA's plan designates as affordable, with rent based on income
- $1,095 to $1,485monthly rents on the 53 apartments listed on October 7, 2026
- 55+the senior preference PHA states for the building
- $49.2 millionwhat PHA's affiliate paid for the building on March 18, 2026
- 0.4 milesto the Route 15 trolley (G1) at Girard Avenue and 5th Street

What Avenue V Is and Who Owns It
Avenue V is a six-story building with 200 apartments that the Riverwards Group built and an affiliate of the Philadelphia Housing Authority (PHA) bought on March 18, 2026, before anyone had moved in.
- Names: Avenue V in PHA's plan; Ave V Apartments on PHA's housing page; Avenue V Apartments and Avenue V 55 Plus Community on the manager's listing. The leasing web address is avenuevapts.com.
- Addresses: 1635 N. 5th Street on the permits, the deed record and PHA's plan. The City's design review called the project 1649 N. 5th Street, and a 2018 lot permit calls the land 1625-35 N. 5th Street.
- Not the same building: Riverwards also uses the name Avenue V for its earlier phases next door. The City's record lists 1649 N. 5th Street as a separate apartment property with another owner.
- Owner: PHADC Avenue V LLC, at PHA's headquarters address, on the City's property record (account 885000052). PHADC is the Philadelphia Housing Authority Development Corporation.
- Developer, architect and builder: the Riverwards Group; Harman Deutsch Ohler Architecture on the design review packet; Urban Renewal Builders LLC on the building permit.
- Manager: the listing names Odin Management.
- Size: building permit CP-2023-001889 is for a six-story structure with a roof deck, 200 dwelling units, parking and shell space for artist studios. The zoning permit gives the height as 72 feet.
- Price: $49,200,000 on the City's deed record and in PHA's plan; $49.1 million in The Inquirer.
- Program: PHA is converting 120 apartments to project-based vouchers under HUD's Rental Assistance Demonstration, in the track PHA now calls Restore-Rebuild and used to call Faircloth to RAD.
- 2018Riverwards buys the land, its managing partner told The Inquirer.
- May 3, 2022the City's Civic Design Review committee finishes its review of a 200-apartment building.
- October 4, 2023the City issues the building permit.
- End of January 2026the building is completed, The Inquirer reports.
- March 18, 2026PHADC Avenue V LLC buys it.
- April 15, 2026the manager's listing appears on HotPads.
- April 20, 2026PHA sends HUD the plan amendment covering 120 apartments.
- June 11, 2026HUD approves the amendment.
What it means: PHA bought a finished, empty building, so every apartment is being rented for the first time.
Source: City of Philadelphia permit and property records for 1635 N. 5th Street; City Planning Commission letter of May 4, 2022; The Philadelphia Inquirer, March 18, 2026; the listing's creation date on HotPads; the cover page of PHA's plan amendment.

Where 1635 N. 5th Street Is
The building is on N. 5th Street between W. Oxford Street and Cecil B. Moore Avenue, with a second frontage on Germantown Avenue, in ZIP code 19122 and City Council District 7.
- 19122the ZIP code on the permits and in PHA's plan
- District 7the City Council district, whose member is Quetcy Lozada
- Group 2PHA's payment-standard group for this ZIP code
- 0.1 milesstraight-line distance to the nearest bus stop, on Route 57
- 51parking spaces on the zoning permit, for 200 apartments
- Neighborhood name: the records use three. PHA's housing page and the listing say Olde Kensington. PHA's plan and Riverwards say South Kensington. The Inquirer says North Philadelphia.
- Apartments nearby: see voucher apartments in Olde Kensington and in Ludlow.

What the Rent Is and Who Qualifies
There are two kinds of apartment at Avenue V: 120 that PHA's plan designates as affordable, with rent based on income, and 80 others. The manager's listing prices apartments in dollars and does not say which kind they are.
View the data table
| Kind of apartment | Studios | One-bedrooms |
|---|---|---|
| Rent based on income | 31 | 89 |
| Other apartments | 20 | 60 |
What it means: six in ten apartments have rent tied to income, and most of them are one-bedrooms.
Source: PHA's fiscal year 2027 plan, Amendment 1, which lists 51 studios and 149 one-bedrooms and counts 31 and 89 of them as Rental Assistance Demonstration units. The second row is the remainder, calculated by VoucherMatch.
| Floor plan | Size | Apartments listed | Monthly rent |
|---|---|---|---|
| Studio | 411 to 429 sq ft | 15 | $1,095 to $1,115 |
| One Bedroom Jr One Bath | 481 to 664 sq ft | 37 | $1,302 to $1,350 |
| One Bedroom One Bath | 695 sq ft | 1 | $1,485 |
What it means: 32 of the 37 junior one-bedrooms were listed at $1,302. A day earlier the same listing showed 38, most of them at $1,317. Its headline range runs to $1,559, which is above any apartment it listed that day.
Source: Odin Management's verified listing for "Avenue V 55 Plus Community" on HotPads, updated October 7, 2026.
Watch outthe listing carries a "Price Drop" tag, and its records show drops of $15 to $99 on the apartments listed. Rents on a new building's listing move. Check the figure on the day you apply, and ask whether it is fixed for the whole lease.
| Household | 30% of median | 50% of median | 80% of median |
|---|---|---|---|
| 1 person | $25,800 | $42,950 | $68,750 |
| 2 people | $29,450 | $49,100 | $78,550 |
What it means: one person earning up to $42,950 fits PHA's stated limit for an income-based apartment.
Source: HUD income limits for the Philadelphia-Camden-Wilmington area, fiscal year 2026 (median family income $122,700). PHA's Unit Based Program page sets the limit for project-based apartments at 50% of median. PHA's plan says buildings bought under its acquisitions program are "targeted for households earning less than 80% of Area Median Income."
- Income limit on the priced apartments: a third-party listing page, Skybriz, says the building's site sets household income "at or below 80% of Area Median Income". That site could not be opened to confirm it. Ask the leasing office.
- Minimum income: the listing gives none.
- Age: PHA's page states a "55+ senior preference". The listing calls the building "a 55+ community". A preference and a requirement are different rules. Ask which applies if no one in your household is 55.
- Deposit and lease: the listing advertises "reduced security deposits starting at just $500" for a limited time, and lease terms of 12 to 16 months.
- Utilities: the listing does not say which utilities a tenant pays.

Do You Need a Voucher, and Can You Use One at Avenue V?
For 120 apartments you do not need a voucher, and PHA lists the building on its page of housing for voucher holders.
- The assistance belongs to the apartment"Under the UBV Program, the rental assistance is attached to the unit. If the family moves from the unit, the housing assistance remains with the unit."
- What tenants pay"UBV Program tenants pay between to 26-30% of their adjusted income for rent based on their family size or specific UBV program." On $1,500 a month of adjusted income, that is $390 to $450.
- Who screens youthe owner first. Then "the family is referred to PHA for eligibility screening for the HCV program, including income eligibility."
- Income limit"The income limit is 50% of the Area Median Income (AMI) as established by HUD annually."
- The waiting list"A new site-based waiting list will be established for the development prior to the initial lease up. The owner will manage and maintain the site-based waiting list".
What it means: PHA's own voucher waiting list has been closed since its 2023 lottery, so these 120 apartments are a way to get rent set by income without holding a voucher first.
Source: PHA, Unit Based Program overview, read October 7, 2026, and PHA's fiscal year 2027 plan, Amendment 1. UBV is PHA's name for project-based vouchers.
View the data table
| Apartment | Listed rent | PHA payment standard, Group 2 |
|---|---|---|
| Studio, lowest | $1,095 | $1,280 |
| Studio, highest | $1,115 | $1,280 |
| Junior one-bedroom, lowest | $1,302 | $1,390 |
| Junior one-bedroom, highest | $1,350 | $1,390 |
| One-bedroom, 695 sq ft | $1,485 | $1,390 |
What it means: studios are $165 to $185 under the standard and junior one-bedrooms $40 to $88 under. The 695-square-foot one-bedroom is $95 over.
Source: rents from the manager's listing on October 7, 2026; payment standards from PHA's schedule effective November 1, 2025, which puts ZIP code 19122 in Group 2. The payment standard is the most PHA counts toward rent and utilities for a household with a tenant-held voucher.
- PHA markets the building to voucher holders. Its page says the buildings it has bought provide "housing choices for voucher holders", and Avenue V is the first one on the page.
- A voucher holder cannot be turned away for holding one. Philadelphia's Fair Practices Ordinance counts "the Housing Choice Voucher (sometimes referred to as "Section 8") Program" as a protected source of income.
- Utilities decide the close cases. When a tenant pays a utility, PHA adds an allowance for it to the rent before comparing the total with the standard. A junior one-bedroom at $1,350 has $40 of room. Ask which utilities are included.
- PHA's schedule is due to change: HUD's new figures took effect October 1, 2026, and PHA had not posted a new schedule by October 7, 2026. See how much Section 8 pays in Philadelphia, how the utility allowance works and the Philadelphia Housing Authority page.
How the Rent Compares With Rents in ZIP Code 19122
Every apartment on the listing is priced below HUD's estimate of an ordinary rent for its size in ZIP code 19122, the studios by about a fifth.
View the data table
| Apartment | Listed rent | HUD fair market rent, ZIP 19122 |
|---|---|---|
| Studio, lowest | $1,095 | $1,400 |
| Studio, highest | $1,115 | $1,400 |
| Junior one-bedroom, lowest | $1,302 | $1,520 |
| Junior one-bedroom, highest | $1,350 | $1,520 |
| One-bedroom, 695 sq ft | $1,485 | $1,520 |
What it means: studios cost 78% to 80% of HUD's figure, junior one-bedrooms 86% to 89%, and the 695-square-foot one-bedroom 98%. If the tenant pays utilities on top, the gap narrows.
Source: rents from the manager's listing on October 7, 2026; HUD Small Area Fair Market Rents for fiscal year 2027, in effect since October 1, 2026. HUD's figure is its estimate of the 40th-percentile rent in the ZIP code with utilities included.
- Size is part of the price: the listed studios are 411 to 429 square feet, and 28 of the 37 junior one-bedrooms are 481 square feet. HUD's figure covers apartments of every size in the ZIP code.
- PHA's standard trails HUD's new figure: PHA's Group 2 amounts, $1,280 and $1,390, equal HUD's fiscal year 2026 figures for 19122. HUD's fiscal year 2027 figures are $120 and $130 higher.
- Rent data for this ZIP code: see Section 8 rent limits for 19122 and voucher apartments in 19122.

Who Gets Priority, Building Features and Transit
The stated priority is age: PHA gives the building a "55+ senior preference", and no neighborhood or residency preference is published.
- Age"55+ senior preference" on PHA's page; "a 55+ community" on the listing; "Senior" as the unit type in PHA's plan.
- PHA's own preferencesthe plan says the owner's waiting list for the 120 apartments will follow "any PHA-approved selection preferences". The plan does not list them.
- PHA referralsfor project-based apartments, PHA says it "may also refer applicants to the Owner from PHA's HCV waiting list."
- AccessibilityPHA's page says the one-bedrooms "were designed with comfort, accessibility, and modern living in mind". The number of accessible apartments is not published.
- Neighborhood preferencenone published.
What it means: if you need a roll-in shower or other accessible features, ask for an accessible apartment by name. The listing's one bathroom photograph shows a bathtub.
Source: PHA's housing opportunities page, Unit Based Program page and fiscal year 2027 plan, Amendment 1; the manager's listing.

- Apartmentsstudios and one-bedrooms of 411 to 695 square feet, with vinyl plank floors, quartz countertops, stainless steel appliances, a dishwasher, central air and a washer and dryer in the apartment.
- Shared spacesa resident lounge with free WiFi, bicycle storage, an elevator, package service and on-site management. The listing says a fitness center is "coming soon". The permits include a roof deck.
- Parkingthe listing says garage parking. The zoning permit counts 51 spaces, 37 inside and 14 on the surface, and 92 bicycle spaces. The Inquirer reports 52 spaces.
- Ground floor14,298 square feet of artist studio space on the ground floor and basement, in the Planning Commission's letter. The Inquirer reports a commercial space of 15,000 to 20,000 square feet.
- Petsthe listing says pets are not allowed.
- Not statedwho pays for electricity, the application fee and the price of a parking space.
What it means: with 51 spaces for 200 apartments, do not count on parking.
Source: the manager's listing on HotPads; zoning permit ZP-2021-015889 and building permit CP-2023-001889; City Planning Commission letter of May 4, 2022; The Philadelphia Inquirer.


| Stop or station | Line | Straight-line distance |
|---|---|---|
| Germantown Avenue and Oxford Street | Route 57 bus | about 0.1 miles |
| 6th Street and Cecil B. Moore Avenue | Route 3 bus | about 0.1 miles |
| 7th Street and Oxford Street | Route 47 bus | about 0.2 miles |
| Girard Avenue and 5th Street | Route 15 Girard Avenue trolley (G1) | about 0.4 miles |
| Temple University | Regional Rail | about 0.5 miles |
| Berks | Market-Frankford Line (L) | about 0.6 miles |
| Girard | Market-Frankford Line (L) | about 0.6 miles |
| Cecil B. Moore | Broad Street Line (B) | about 0.8 miles |
What it means: three bus routes stop within two-tenths of a mile, and every rail line is 0.4 to 0.8 miles away. See also apartments near the Market-Frankford Line and near the Route 15 trolley.
Source: stop and station coordinates from SEPTA's open data (summer 2026 bus and trolley stops, station layers); distances calculated by VoucherMatch in a straight line from 1635 N. 5th Street, so the walk is longer. The Inquirer puts the building "about 0.8 miles" from the Cecil B. Moore, Berks and Girard stations.
How to Apply for Avenue V
You apply to the building itself: PHA's page says each building it has bought "has its own website with details on how to apply", and it links Avenue V's online application.
- 1Decide which kind of apartment you are asking foran income-based apartment if your income is under PHA's 50% limit, which is $42,950 for one person and $49,100 for two, or a priced apartment.
- 2Start at the building's sitePHA links avenuevapts.com and an online application. Neither could be read for this guide, so the form is not described here.
- 3Or call the leasing officethe manager's listing gives (267) 435-2520. Skybriz gives 215-974-0400 as the building's number. Office hours on the listing are Monday to Friday, 9 a.m. to 4:30 p.m.
- 4Ask for the income-based list by namePHA's plan says the owner keeps a "site-based waiting list" for the 120 apartments. Ask how to get on it, and get the date and time of your application in writing.
- 5If you hold a vouchersay so at the start, and ask which utilities you would pay.
- For an income-based apartment, the owner screens firstPHA says owners select "according to date and time of application".
- Then PHA screens"the family is referred to PHA for eligibility screening for the HCV program, including income eligibility."
- For a priced apartmentthe listing does not describe the screening, the documents asked for or the fee.
What it means: order of application counts for the income-based apartments, so apply early and keep proof of the date.
Source: PHA's Unit Based Program page and fiscal year 2027 plan, Amendment 1; the manager's listing. The plan says PHA will post how to apply for the project-based list on its website. On October 6, 2026 the only Avenue V entry found there was the housing page that links the building's site.
- Proof of age. an ID or birth certificate showing who in the household is 55 or older
- Photo ID and Social Security card. for each adult
- Income. award letters for Social Security, SSI or a pension, and pay stubs if you work
- Bank statements. the most recent months
- If you have a voucher. the voucher and PHA's paperwork for a new apartment
Source: this list is VoucherMatch's. No document read for this guide gives the building's own list.
Watch outthe listing states no application fee. Philadelphia law caps a background or credit check fee at its actual cost or $50, whichever is less, and allows one fee per applicant in 12 months.
What Is Known and What Is Not Yet Published
The records settle who owns the building, how many apartments carry income-based rent and what the manager was asking on October 7, 2026; they do not say which apartments are which.
- Known200 studios and one-bedrooms; 120 designated affordable with project-based assistance, 31 studios and 89 one-bedrooms; a preference for seniors.
- Two figures in PHA's papersthe plan amendment as first posted on March 5, 2026 put all 200 apartments under project-based assistance. The resolution on the board's April 16, 2026 agenda and the version HUD approved on June 11, 2026 say 120.
- Two unit mixesPHA's housing page lists one-bedrooms only. PHA's plan, the listing and The Inquirer say studios and one-bedrooms.
- Not publishedwhether the listed apartments are income-based ones, priced ones or both.
- Not publishedthe income limit and any minimum income for the priced apartments, in a document that could be read.
- Not publishedwhich utilities the tenant pays, the application fee and the price of parking.
- Not publishedhow many income-based apartments are still open, and how long that waiting list is.
If You Need an Apartment Sooner
An income-based apartment can mean a waiting list, so keep other options moving.
1 bedroom, $1,000 a monthNorris Square, Outside NYCAccepts Section 8 (HCV) · VASH · EHV
1 bedroom, $2,280 a monthFrancisville, Outside NYCAccepts Section 8 (HCV) · VASH · EHV
3 bedrooms, $2,300 a monthKensington, Outside NYCAccepts EHV · Section 8 (HCV) · VASH
Listed by landlords who say which vouchers they accept. These are separate from the building above. See all Philadelphia listings
- Voucher in hand: browse Section 8 apartments in Philadelphia, or go straight to studios and one-bedrooms.
- Other senior buildings: see low-income senior apartments by city.
- No voucher yet: read the Philadelphia Section 8 guide and check which waiting lists are open.
Frequently Asked Questions
Is Avenue V taking applications?
The manager's listing showed 53 apartments for rent on October 7, 2026, and PHA's page links the building's online application. Neither says how many income-based apartments are still open.
How much is rent at Avenue V?
On October 7, 2026 the listing showed studios at $1,095 to $1,115 a month, junior one-bedrooms at $1,302 to $1,350 and one one-bedroom at $1,485. For the 120 income-based apartments, rent is about 26% to 30% of adjusted income under PHA's program.
Does Avenue V take Section 8?
PHA owns the building through an affiliate and lists it on its page of housing for voucher holders. Listed studios and junior one-bedrooms are under PHA's payment standards of $1,280 and $1,390 for ZIP code 19122. Another 120 apartments carry their own project-based assistance.
Do you have to be 55 to live at Avenue V?
PHA calls it a "55+ senior preference", which is a priority and not a stated bar. The manager's listing calls the building "a 55+ community". Ask the leasing office which rule applies to your household.
How much can you earn and still qualify for Avenue V?
For an income-based apartment, PHA's program limit is 50% of area median income: $42,950 for one person and $49,100 for two in 2026. The limit for the priced apartments is not in any document that could be read.
Who owns Avenue V?
PHADC Avenue V LLC, an affiliate of the Philadelphia Housing Authority, bought the building on March 18, 2026 for $49.2 million, according to the City's property record.
Is Avenue V the same as 1649 N. 5th Street?
The City's design review used 1649 N. 5th Street for this project, but the permits, the deed and PHA use 1635 N. 5th Street. The apartment property now recorded at 1649 N. 5th Street is an earlier Riverwards phase with a different owner.
Are the rents at Avenue V below market?
Yes, on the listing of October 7, 2026. HUD's fiscal year 2027 fair market rents for ZIP code 19122 are $1,400 for a studio and $1,520 for a one-bedroom, and every listed apartment was priced below the figure for its size.
Sources for this article (15)
- housing opportunities page for voucher holders (pha.phila.gov)
- fiscal year 2027 plan, Amendment 1 (pha.phila.gov)
- board agenda of April 16, 2026 (pha.phila.gov)
- listing on HotPads (hotpads.com)
- permit records (opendataphilly.org)
- property record (property.phila.gov)
- design review packet (phila.gov)
- letter of May 4, 2022 (phila.gov)
- Unit Based Program page (pha.phila.gov)
- payment standards (pha.phila.gov)
- fiscal year 2026 income limits (huduser.gov)
- The Philadelphia Inquirer (inquirer.com)
- avenuevapts.com (avenuevapts.com)
- Small Area Fair Market Rents (huduser.gov)
- online application (avenuevapts.securecafe.com)
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Every rule, date and dollar amount in this article is checked against the agency document it comes from, and the sources are listed above. How VoucherMatch articles are researched and corrected
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