ReNew Glenmoore_Property for Sale
ReNew Glenmoore_Property for Sale
900 Selwyn Pl, Glenmoore, PA, 19343-2679, US

ReNew Glenmoore

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire ReNew Glenmoore (the “Property”), a 216-unit, core-plus apartment community located in affluent Glenmoore, Chester County, Pennsylvania. Since acquisition in 2018, current ownership has invested over $3.7M into the upkeep of the Property, demonstrating their ongoing commitment to the asset. Property fundamentals are further supported by the impressive average household income of $212,834 within a 1-mile radius and the asset's location within the A rated Owen J Roberts School District.

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Attributes

Land area net
20.82 acres
Building area net
232,948 sf
Year built
2008
Number of units
216
Number of buildings
8
Parking spaces
360
Occupancy
94%

Media

Investment Highlights

Compelling Core-Plus Opportunity

  • Ownership has implemented a full renovation in 32% of the unit mix (70 units) at ReNew Glenmoore. The renovated units include the addition of stainless-steel appliances, upgraded countertops, vinyl plank flooring, modern grey paint, and enhanced kitchen/bathroom fixtures.
  • As currently positioned, the renovated one- and two-bedroom units are achieving average premiums of $67 and $195, respectively, when compared to their classic counterparts.
  • Moreover, renovated comps of a similar vintage achieving substantial rental premiums upwards of $200 and $375 for renovated one- and two-bedroom units, highlighting the opportunity for new ownership to implement a streamlined renovation program across the remaining 146 classic units and capitalize on significant rental premiums.


Discount to Core Suburban Product

  • Positioned at the lower end of its immediate competitive set, ReNew Glenmoore currently features a compelling 25%+ discount to the Exton/Downingtown, West Chester, and King of Prussia submarkets.


Impressive Rental Performance

  • ReNew Glenmoore benefits from strong organic rent growth as evidenced by the latest lease trade out report which shows the Property has achieved 6.6% and 6.0% increases on new leases and renewals, respectively, since June 2023.


Significant Capital Infusion

  • Since acquisition in 2018, current ownership has invested over $3.7M in preventative maintenance and improvement initiatives aiming to preserve the Property’s appeal.
  • Aside from unit renovations and appliance upgrades, this includes, but is not limited to, exterior painting, roof repairs and replacements, HVAC unit upgrades, fitness center and clubhouse improvements, pool enhancements, playground upkeep, landscaping, and parking areas maintenance.


Attractive Demographics

  • 74% of the population within a 1-mile radius holds a bachelor's degree or higher. The educational achievement in Glenmoore aligns with its impressive average household income exceeding $200,000, supporting the opportunity for new ownership to increase rents upon acquisition without receiving strong financial opposition.


Submarket Fundamentals

  • The Upper Chester County multi-housing submarket has consistently demonstrated strong fundamentals as evidenced by rent growth averaging 3.8% over the past five years, outpacing the national average.
  • This performance is expected to continue with projections indicating that rent growth is anticipated to reach 3.7% by year-end 2024, rise to 5.1% by 1Q 2025, and remain above 3.0% for the foreseeable future.


Dynamic Suburban Location

  • ReNew Glenmoore is located adjacent to PA Route 100, connecting residents to I-76, Route 30, and Route 202, and provides convenient access to major employment centers in Exton, West Chester, Malvern, and King of Prussia.
  • Within a 20-minute drive from the Property, residents can access the North American headquarters of Siemens Medical Solutions and Saint Gobain, as well as the expanding global headquarters of Vanguard Group.
  • ReNew Glenmoore also benefits from its proximity to various shopping destinations, including Exton Square, Lionville Shopping Center, Ashbridge Square, and the Main Street at Exton Mall.
  • Furthermore, the Upper Chester County submarket is renowned for its sought-after school districts. ReNew Glenmoore falls within the highly regarded Owen J. Roberts School District, which boasts an impressive A Niche ranking and is ranked within the 90th percentile of all school districts in the state of Pennsylvania.
ReNew Glenmoore 4_Property for Sale
ReNew Glenmoore 4_Property for Sale

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Last updated
11 Jul 2024