Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Manor at Downingtown (“the Property”), a 244-unit, 2006-vintage apartment community on Lancaster Avenue in Downingtown, Pennsylvania, one of Chester County’s most affluent rental submarkets. The Property pairs institutional-quality construction and oversized 1,046-square-foot average floor plans with a value-add program that is proven in place and only partially complete with assumable fixed-rate debt at 3.09%.

Current ownership has renovated 127 of the 244 units to the current finish specification and is capturing the rents to show for it. That leaves 117 units of remaining runway across classic and previously-renovated stock, a defined business plan a buyer underwrites against actual results rather than projections. Beyond the unit program, ownership has invested more than $1.3 million in building systems, exterior improvements, and amenity upgrades, materially reducing near-term capital needs for an incoming owner.

The path to renting here is reinforced by the cost of owning. Chester County’s median home price reached $541,340 in March 2026, up 5.1% year over year, against roughly 1.6 months of for-sale supply, a structural barrier that channels high-income households into rental housing. Downingtown anchors that demand with top-rated schools, SEPTA Regional Rail access to Center City Philadelphia, and immediate connectivity to the Route 30 and Route 202 employment corridor.

The result is a stabilized community that is 97% occupied, carries embedded loss-to-lease and operational upside, and runs a value-add engine already in motion, in a submarket that rewards quality suburban product with durable rent growth and limited new competition.

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