Springfield Valley Apartments_Actifs en vente
Springfield Valley Apartments_Actifs en vente
111 Providence Road, Morton, PA, 19070, US

Springfield Valley Apartments

Description de l'actif

On behalf of Friedman Realty Group (“Managing Agent”), Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Springfield Valley Apartments (the “Property”), a 60-unit, value-add, garden style apartment community located in Morton, Delaware County, PA. Friedman Realty Group, a family-run ownership and management company since 1975, has invested over $1 million to address deferred maintenance items during the duration of their ownership. Additionally, the Property is situated within the acclaimed Springfield School District which is rated A+ by Niche.

...

Caractéristiques de l'actif

Nombre d'unités
60 Unité de mesure
Occupation
97 %
Année de construction
1970
Surface de l'actif Net
4 147 m²

Média

Points clés d'investissement

Compelling Value-Add Opportunity

  • To align the Property with the neighboring competitive set, an investor is presented with the opportunity to implement a comprehensive renovation program across the remaining 55 classic units and capitalize on proven rental premiums upwards of $120/unit.
  • Moreover, the East/West Buildings feature community washers and dryers on second and third floors, providing new ownership the opportunity to evaluate the installation of in-unit washers/dryers and capitalize on additional rental revenue.
  • Springfield Valley differentiates itself from its competitors through its exceptional construction quality, which includes central air conditioning, refinished hardwood floors, and rubber pitched roofing.
  • Notably, all studio units feature private entrances.
  • Select one- and two-bedroom apartments offer vaulted, cathedral ceilings.
  • Further, current ownership is paying all costs related to Water and Sewer at the East and West buildings. An investor is provided the opportunity to implement a resident RUBS program in these buildings and recapture 85% of the expense.


Recently Completed Capital Expenditures

  • Current ownership has meticulously maintained the Property for over 10 years and has invested over $1 million to address deferred maintenance items including central HVACs, various appliance package upgrades, refinishing and sanding the hardwood floors, bathroom fixtures/vanities upgrades, installing a high-efficiency boiler in the Studio building, and various plumbing replacements.
  • Further, ownership replaced the roof of the East building in 2017 and is in the process of replacing the roof on the Studio building. At closing, 2 out of the 3 roofs will be complete with transferrable warranties on each, allowing an investor to focus their efforts on value-add renovations and maximizing rental revenue.


Positive Leasing Momentum 

  • Per the latest lease trade out report, new leases and renewals signed between 2/1/2024 and 4/30/2024 are averaging an overall increase of 3.9%, emphasizing the consistent organic rent growth at the Property.


Strong Submarket Fundamentals

  • Lower Delaware County's multi-housing market has consistently demonstrated strong fundamentals, with an average annual rent growth of 4.8% over the past five years.
  • Projections indicate continued growth, reaching 4.9% by year-end 2024 and remaining above 3.0% through 2026. 


Dynamic Suburban Location

  • Residents benefit from excellent accessibility via the property's proximity to Baltimore Pike, PA Route 13, and Interstate 476, providing connections to major employment centers.
  • The Property is situated within the Springfield school district which is rated A+ by Niche.
Springfield Valley Apartments 4_Actifs en vente
Springfield Valley Apartments 4_Actifs en vente

Contacter l'équipe

Springfield Valley Apartments (0 actifs)
Vous avez des questions ? Consultez notre page FAQ
Voir la page FAQArrow Right
JLL peut vous accompagner dans le financement et la gestion de votre portefeuille. Contactez-nous pour découvrir comment nous pouvons vous aider.
Dernière mise à jour
28 mai 2024