Used to describe an area of residence, usually a flat in which a person, and/or their best friend(s) normally early 20's live, where the only thing to do is PARTY HARD!
The flat is often a breeding ground for drunken mishaps and legendary tales of fun times!
Hey Bud, shall we go to the party flat tonight?!
Have you seen Charlotte and Lu's new party flat? It's awesome!
I really want to move out and get a party flat