With new multifamily construction hard to come by in the Philadelphia suburbs, the region’s existing garden-style complexes have become a hot commodity for value-add investors.
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An affiliate of Equus Capital Partners and several partners spent $73.1M on Jacobs Woods, a 230-unit garden style apartment complex in Lansdale. The 98% occupied community built in 1996 includes 33 separate buildings across 37 acres.
The new owners have a $5.8M capital improvement plan in place, Equus Senior Associate Alex Keszeli said in a statement, adding that plans call for modernizing unit interiors and elevating the overall amenity package .
Keszeli said each unit is direct-entry and offers private attached garages and large floor plans that average nearly 1,400 SF, “providing a unique living experience for residents that mirror features seen in the growing build-to-rent segment of the market.”
The seller was represented by Erin Miller and her Philadelphia-based team at Newmark.
PEOPLE
Philadelphia-based JLL Senior Managing Director John Plower was tapped to lead the brokerage’s Northeast Industrial Capital Markets division.
The team has completed $32B worth of transactions across Connecticut, Delaware, Massachusetts, New York, New Jersey and Pennsylvania since it was formed in 2020.
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Cresa's Tony Juliano was recently promoted to managing principal of the Northeast region, which will expand his work in metro Philly into New York and New Jersey.
CONSTRUCTION AND DEVELOPMENT
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Federal Realty Investment Trust and CBG Building Co. have topped out the $95M second residential phase of their Bala Cynwyd on City Avenue project. The development will include 217 units and 16K SF of retail on the site of a former Lord & Taylor store.
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Dick’s House of Sport is one of five new retailers slated to join the Cherry Hill Mall. The 120K SF experiential sporting goods concept with a climbing wall, outdoor track and golf simulators will replace an aging office building on the campus. Construction is expected to wrap up sometime next year.
Coach, Dr. Martens, Offline by Aerie and Pop Mart are also coming to the shopping center.
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The city of Philadelphia began work last week on the Washington Avenue Connector, a bike path that will link the corridor to the Delaware River Trail.
The collaboration with the Delaware River Waterfront Corp. will also include a pedestrian- and cyclist-friendly reconfiguration of Washington Avenue between Fourth Street and Columbus Boulevard.
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Townhomes are now available for purchase at Stonemill Village, a new Toll Brothers community in Downingtown. Move-ins could begin as soon as July.
FINANCING
Cushman & Wakefield arranged $34M of financing for the Airport Logistics Center, a 627K SF industrial property in Tinnicum. The property owned by Ivy Realty and Lubert-Adler Real Estate Funds includes four building complexes and 3 acres of outdoor storage.
A Cushman team, including John Alascio, Chuck Kohaut and Meredith Donovan, advised the borrower ahead of the loan, which came from Blue Owl.
THIS AND THAT
The Philadelphia Land Bank has issued two requests for proposals in North Philadelphia.
The agency is seeking a contractor to build affordable for-sale housing at a lot on North Etting Street between Montgomery and Berks Streets in Brewerytown. A similar opportunity is available on West Oakdale Street in Strawberry Mansion.
More information is available on the Land Bank’s website.
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