Objectomschrijving
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.
...
Attributen
Aantal eenheden
60 eenheden
Bezettingspercentage
97%
Bouwjaar
1970
Netto gebouwoppervlakte
4.147 vierkante meter
Media
Investeringskenmerken
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_Pand te koop](https://res.cloudinary.com/jll-global-cmg/image/upload/w_1920,q_auto/ar_1.7777777777777777,c_crop/w_1100,q_auto,c_scale/v1716305623/Prod/DealX/Img/e989005d-2764-4f79-85fd-af79115f9e14.jpg)
![Springfield Valley Apartments 4_Pand te koop](https://res.cloudinary.com/jll-global-cmg/image/upload/w_1920,q_auto/ar_1.7777777777777777,c_crop/w_1100,q_auto,c_scale/v1716305623/Prod/DealX/Img/13dc67cc-a7ad-4460-af26-420d535b0c7c.jpg)
Contact adviseurs
Springfield Valley Apartments (0 Eigendommen)
![Springfield Valley Apartments 5_Pand te koop](https://res.cloudinary.com/jll-global-cmg/image/upload/w_1920,q_auto/ar_1.7777777777777777,c_crop/w_1808,q_auto,c_scale/v1716305623/Prod/DealX/Img/cec8e82b-a407-456e-a63a-61bb9b8cf7e8.jpg)
JLL kan u helpen bij de financiering en het beheer van uw portefeuille. E-mail ons vandaag nog om te zien hoe we u kunnen helpen uw ambities te realiseren.
Laatst bijgewerkt
May 28, 2024