Plymouthtowne Apartments_Pand te koop
Plymouthtowne Apartments_Pand te koop
349 Chilton Ct, Plymouth Meeting, PA, 19462, US

Plymouthtowne Apartments

Objectomschrijving

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Plymouthtowne Apartments (the “Property”), a 267-unit, garden style, apartment community located in Plymouth Meeting, Montgomery County, PA. The Property was constructed, meticulously maintained, and managed by current ownership for the last 50 years. Over the last 10 years, ownership has invested over $1.8M into the Property demonstrating their long-term commitment to the asset. Furthermore, the opportunity exists to increase rents by more than 40% within the traditional and remodel units through renovation while capitalizing on the current loss-to-lease in the Premiere units.

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Attributen

Bouwjaar
1971
Renovatiejaar
2019
Aantal eenheden
267 eenheden
Netto gebouwoppervlakte
20.651 vierkante meter
Aantal gebouwen
18
Bezettingspercentage
99%
Parkeerplaatsen
535

Media

Investeringskenmerken

Value-Add Opportunity

  • The 121 Traditional apartments (45% of the mix) maintain their classic finishes which include bisque appliances, dark-stained oak cabinetry, tile/carpeted flooring, laminate countertops, and original bathrooms.
  • The 44 Remodel apartments (16% of the mix) share the same floorplans as the traditional units but include new flooring, lighting fixtures, upgraded appliances and cabinetry, renovated bathrooms, and, in certain apartments, a redesigned kitchen layout. This modernization was done on a unit-by-unit basis, beginning just over ten years ago, and can be further enhanced to meet today's standard.
  • The average rents of the Traditional and Remodel apartments trail the market by over 25% and 45%, providing an investor with the opportunity to reposition the asset and capture significant loss-to-lease following the renovation of these units.
  • Further, the average rents for the Traditional and Remodel units trail their fully renovated, Premiere counterparts by upwards of $600 and $400, respectively.

 

Core-Plus Opportunity

  • Plymouthtowne Apartments consists of 102 newly constructed Premiere apartments. These units offer open-concept floorplans with modern features such as large kitchen islands, pendant lighting, stainless steel appliances, granite countertops, custom cabinetry, spacious bathrooms, walk-in closets, and full-sized in-unit washers and dryers.
  • The property includes 70 original Premiere apartments built in 2019. These units achieve average rents of $1,749 and $1,877 for one and two-bedroom units respectively, which trail the core-plus competitive set by $100 and $475, allowing an investor the opportunity to increase rents and recapture loss-to-lease upon signing new leases and renewals.
  • The additional 32 Premiere apartments are finishing construction and lease-up. The first building, Building R, was delivered in mid-April 2024 and is currently 58% leased with average rents of $1,875 for one-bedroom and $2,063 for two-bedroom units. Buildings P and Q are expected to be completed in June and August 2024, respectively.

 

Significant Capex Infusion

  • Current ownership has invested over $1.8M since 2015 to address deferred maintenance, including HVAC system replacements, parking lot replacements, roofing and siding replacements, and the installation of an aluminum estate fence along the rear of the property.
  • In addition, the Property's leasing office was constructed in 2019.
  • All community laundry rooms underwent a remodel in early 2024.
  • Additionally, the current common area laundry rooms can be repurposed as amenity or storage space once in-unit washers and dryers are implemented in the traditional and remodel units.

 

Submarket Fundamentals

  • Plymouth Meeting’s multi-housing submarket has consistently demonstrated strong and reliable fundamentals, with annual rent growth averaging 4.4% over the past 5 years.
  • Per CoStar’s latest market report, the submarket is projected to reach 5.5% rent growth by year-end 2024 and remain above 3.0% for the foreseeable future.

 

Dynamic Suburban Location

  • The property is conveniently located near major retail centers and shopping destinations, including the King of Prussia Mall, the second largest shopping mall in the US, and the Whole Foods anchored Plymouth Meeting Mall, within a 5-minute drive.
  • Situated within the A+ rated Colonial School District, the property benefits from its proximity to prestigious colleges and universities, offering excellent education opportunities for residents.
  • Plymouthtowne offers direct access to major roadways and public transportation options, with Route 202, the Pennsylvania Turnpike, I-476, and SEPTA's Norristown Transportation Center all within 2 miles, providing connections throughout Plymouth Meeting and neighboring employment centers.
Plymouthtowne Apartments 4_Pand te koop
Plymouthtowne Apartments 4_Pand te koop

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Laatst bijgewerkt
Jun 6, 2024