The Preserve at Darby Creek_Property for Sale
The Preserve at Darby Creek_Property for Sale
211 Lazaretto Rd, Prospect Park, PA, 19076-1835, US

The Preserve at Darby Creek

Asset Description

On behalf of Friedman Realty Group (“Managing Agent”), Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Preserve at Darby Creek (the “Property”), a 96-unit, two-bedroom apartment and townhome community featuring private entrances and bi-level floorplans. 88 units or 92% of the unit mix consists of 2BR/1.5BA townhome floor plans. All units contain a full size washer and dryer with market leading oversized floorplans. All roofs, windows, siding and the majority of boilers have been replaced allowing an investor to exclusively focus on implementing a luxury renovation in the units through stainless steel appliances and quartz countertops while capitalizing on potential premiums upwards of $175/unit. In addition, the opportunity exists to implement a RUBs program to recapture gas, water and sewer expenses which are currently paid for by the owner. The property benefits from Darby Creek water views while complementing the picturesque setting with market leading amenities that include a dog park, BBQ area, and kids’ playground. The ability exists to reimagine currently underutilized basement space in each building into storage and/or amenity space. The Property is located just off Route 420 and I-95, less than 5 minutes to Philadelphia’s International Airport and walkable to SEPTA's Prospect Park station in Delaware County, Pennsylvania.

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Attributes

Number of units
96
Occupancy
97%
Year built
1974
Number of buildings
14

Media

Investment Highlights

Family Owned & Operated

  • Friedman Realty Group, a family-owned and operated firm with 50 years of experience in the industry, has meticulously maintained and managed the asset for over 9 years.


Distinct Apartment and Townhome Community

  • 88 units or 92% of the unit mix consists of 2BR/1.5BA townhome floor plans
  • The property features oversized two bedroom apartments and townhomes
  • Private entrances with bi-level townhomes
  • Full size in-unit washer & dryer
  • In-unit brick fireplaces
  • Individually controlled PTAC units (50% of units) and gas heat (50% of units)
  • Newly sanded and refinished hardwood floors
  • Residents benefit from community amenities including a dog park, BBQ area, and kids’ playground. An investor can implement amenity and/or storage space in currently underutilized basement spaces


Major Capex Items Completed

  • Recent influx of more than $4 million of capex
  • Ownership has addressed all near-term capital needs including the replacement of all windows, roofs, along with most boilers, leaving an investor the opportunity to focus on income generating capital.
  • New copper and cedar shake above doorways and bay windows
  • Recently installed lawn irrigation


Compelling Rental Upside

  • The last 10 signed leases achieved an average rent increase of 6.9% above the overall in-place rent, while new leases signed since April 2024 achieved an average increase of 5.8% above the current roll allowing an investor to immediately focus on loss-to-lease recapture.
  • The opportunity exists to reimagine interiors through a streamlined luxury renovation program that include stainless steel appliances and quartz countertops.
  • Ownership currently pays gas, water, and sewer expenses, allowing an investor to implement a RUBs program and recapture 100% of the expense.


Scenic Water Views of Darby Creek

  • Adjacent to Darby Creek and its beautiful views of the waterfront
  • The property is located just off Route 420 and I-95 providing immediate access throughout the region
  • Situated in a private setting with access to all major roadways and employment hubs
  • Walkable to SEPTA's Prospect Park station
  • Less than 5 minutes to Philadelphia’s International Airport
The Preserve at Darby Creek 4_Property for Sale
The Preserve at Darby Creek 4_Property for Sale

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Last updated
24 Jul 2024