Service. Success. Perfected....1 BDR/1 BA 798 $1,038 2 BDR/1 BA 900 $1,225 2 BDR/2 BA 1,100 $1,425 2...
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© 2016 The Greysteel Company LLC. All rights reserved. The Main Line is a group of suburbs located west of Philadelphia along Lancaster Avenue (U.S. Route 30) that takes its name from the historic Pennsylvania Railroad’s Main Line. The railroad connected Philadelphia to its wealthiest suburbs and then continued on to Harrisburg and eventually Pittsburgh. Extending from Bala Cynwyd to Malvern, The Main is often geographically divided into Lower and Upper Main Line. Lower Main Line stretches from Bala Cynwyd up to Bryn Mawr while Upper Main Line extends from Villanova to Malvern at the confluence of Pennsylvania’s Montgomery, Chester, and Delaware counties. Today, Upper Main Line boasts top tier universities, excellent public and private schools, and nationally and globally recognized businesses. Area major institutions include Main Line Health, a regional multi- specialty physician group with over 10,000 employees and 2,000 physicians. This health system contains four acute care hospitals, one treatment center for drug and alcohol recovery, and one home health service center. Other major Main Line employers and businesses include Lincoln National Corporation, a Fortune 500 company who operates several insurance and interment management businesses and Vanguard Group, an investment management company that is the largest provider of mutual funds. Upper Main Line hosts numerous nationally ranked public and private schools, as well as several prestigious universities including Rosemont College, Villanova University, Eastern University, Cabrini College, and Valley Forge Military Academy. Villanova University athletic teams are known as the Wildcats, a member of the NCAA Division I, competing in the Big East Conference. In 2016, Villanova’s basketball team won the NCAA Division I championship. The featured properties in this month’s rent survey represent six communities in the Upper Main Line from Wayne to Malvern built between 1927 and 2014. Average occupancy rates for these communities range from 88% to 97%. Average rental rates per square foot range from $1.30 to $2.64, with average unit sizes ranging from 422 to 1,496 square feet. Common area amenities include an on-site laundry facility, fitness center, tennis court, playground, swimming pool, and barbeque and fire pit. Unit amenities feature hardwood flooring for private balconies/patios, an in-unit washer/dryer, and fireplace. Residents pay an application fee ranging from $45 to $60 and post security deposits from $250 to $500. Pets are allowed in the communities with some breed restrictions; residents pay pet deposits of $200 to $500, and a monthly pet rent of $20 to $50. Spotlight on Upper Main Line, Pennsylvania | Multifamily April 2016 Service. Success. Perfected. Anthony Wayne Theatre Rosemont College
Transcript of Service. Success. Perfected....1 BDR/1 BA 798 $1,038 2 BDR/1 BA 900 $1,225 2 BDR/2 BA 1,100 $1,425 2...
© 2016 The Greysteel Company LLC. All rights reserved.
The Main Line is a group of suburbs located west of Philadelphia along Lancaster Avenue (U.S. Route 30) that takes its name from the historic Pennsylvania Railroad’s Main Line. The railroad connected Philadelphia to its wealthiest suburbs and then continued on to Harrisburg and eventually Pittsburgh. Extending from Bala Cynwyd to Malvern, The Main is often geographically divided into Lower and Upper Main Line. Lower Main Line stretches from Bala Cynwyd up to Bryn Mawr while Upper Main Line extends from Villanova to Malvern at the confluence of Pennsylvania’s Montgomery, Chester, and Delaware counties. Today, Upper Main Line boasts top tier universities, excellent public and private schools, and nationally and globally recognized businesses.
Area major institutions include Main Line Health, a regional multi-specialty physician group with over 10,000 employees and 2,000 physicians. This health system contains four acute care hospitals, one treatment center for drug and alcohol recovery, and one home health service center. Other major Main Line employers and businesses include Lincoln National Corporation, a Fortune 500 company who operates several insurance and interment management businesses and Vanguard Group, an investment management company that is the largest provider of mutual funds.
Upper Main Line hosts numerous nationally ranked public and private schools, as well as several prestigious universities including Rosemont College, Villanova University, Eastern University, Cabrini College, and Valley Forge Military Academy. Villanova University athletic teams are known as the Wildcats, a member of the NCAA Division I, competing in the Big East Conference. In 2016, Villanova’s basketball team won the NCAA Division I championship.
The featured properties in this month’s rent survey represent six communities in the Upper Main Line from Wayne to Malvern built between 1927 and 2014. Average occupancy rates for these communities range from 88% to 97%. Average rental rates per square foot range from $1.30 to $2.64, with average unit sizes ranging from 422 to 1,496 square feet. Common area amenities include an on-site laundry facility, fitness center, tennis court, playground, swimming pool, and barbeque and fire pit. Unit amenities feature hardwood flooring for private balconies/patios, an in-unit washer/dryer, and fireplace. Residents pay an application fee ranging from $45 to $60 and post security deposits from $250 to $500. Pets are allowed in the communities with some breed restrictions; residents pay pet deposits of $200 to $500, and a monthly pet rent of $20 to $50.
Spotlight on Upper Main Line, Pennsylvania | Multifamily April 2016
Service. Success. Perfected.
Anthony Wayne Theatre
Rosemont College
© 2016 The Greysteel Company LLC. All rights reserved.
Spotlight | Rent Comparables April 2016
EASTSIDE FLATS335 E. King StreetMalvern, PA 19355
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 1,095 $1,095
2 BDR/2 BA 1,496 $1,496
• Residents pay a $60 application fee, a $500 security
deposit, and a $450 move-in fee.
• Additional fees include a non-refundable pet
deposit of $350 and pet rent of $35 for one pet, $50
for two pets.
• Residents pay for all utilities.
• Common area amenities include a business center,
clubhouse, fitness center, secured hall entry, a
swimming pool, movie theater, BBQ pit, and fire pit.
• Unit amenities include ceiling fans, a dishwasher,
granite countertops, hardwood floors, a washer/
dryer, private balcony/patio, and walk-in closets.
• Management sets rent levels.
LA MAISON219 Sugartown RoadWayne, PA 19087
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 812 $1,350
1 BDR/1 BA/Den 905 $1,450
2 BDR/2 BA 1,271 $1,710
2 BDR/2 BA/Den 1,300 $1,800
• Residents pay a $45 application fee and a $500
security deposit.
• Additional fees include a non-refundable pet
deposit of $150 and pet rent of $20.
• Residents pay for electric; property pays for gas,
water, and trash removal.
• Common area amenities include a clubhouse,
fitness center, swimming pool, tennis courts,
and on-site storage.
• Unit amenities include dual-pane windows, a
washer/dryer, microwave, fireplace, and private
balcony/patio.
• Management sets rent levels.
No. Units 190
Occupancy 88%
Year Built 2014
Managed by Lincoln Property Company
No. Units 230
Occupancy 94%
Year Built 1972
Managed by Private Owner
WINDERMERE COURT116 Windermere AvenueWayne, PA 19087
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 875 $1,255
2 BDR/1 BA 950 $1,458
• Residents pay a $60 application fee and a $500
security deposit.
• Additional fees include a non-refundable pet
deposit of $300 per dog; $200 per cat and pet rent
of $25 per dog.
• Residents pay for electric; property pays for gas,
water, and trash removal.
• Common area amenities include secured hall entry,
a barbeque/picnic area, and on-site storage.
• Unit amenities include vaulted/high ceilings,
hardwood floors, and dual-pane windows.
• Management sets rent levels.
No. Units 50
Occupancy 96%
Year Built 1927
Managed by Metropolitan Management Communities
HOME PROPERTIES OF DEVON300 Avon RoadDevon, PA 19333
UNIT TYPE SF ASKING RENT
EFF 372 $1,115
1 BDR/1 BA 575 $1,303
2 BDR/1 BA 728 $1375
2 BDR/2 BA 914 $1,588
3 BDR/2 BA 1,265 $1,915
4 BDR/2 BA 1,483 $2,160
• Residents pay a $50 application fee and a $500 security deposit.
• Additional fees include a non-refundable pet deposit of $300 and a pet rent of $35.
• Residents pay for all utilities.• Common area amenities include a business center,
clubhouse, fitness center, on-site laundry facilities, a secured hall entry, a swimming pool, and playground.
• Unit amenities include dual pane windows, a dishwasher, washer/dryer, renovated kitchen/bath, and walk-in closets.
• Management sets rent levels.
No. Units 632
Occupancy 97%
Year Built 1963
Managed by Home Properties
No. Units 247
Occupancy 93%
Year Built 1964
Managed by Westover Companies
PAOLI PLACE27 E. Central AvenuePaoli, PA 19301
UNIT TYPE SF ASKING
RENT
1 BDR/1 BA 798 $1,038
2 BDR/1 BA 900 $1,225
2 BDR/2 BA 1,100 $1,425
2 BDR/1.5 BA/Townhome 1,025 $1,413
• Residents pay a $50 application fee and a $500
security deposit.
• Additional fees include a non-refundable pet
deposit of $300 and a pet rent of $50 per dog, $20
per cat.
• Residents pay for gas and electric; property pays for
water and trash removal.
• Common area amenities include a fitness center,
secured hall entry, and a swimming pool.
• Unit amenities include vaulted/high ceilings, a
dishwasher, wall-to-wall carpeting, and ceiling fans.
• Management sets rent levels.
RADNOR CROSSING284 Iven Avenue
St. Davids, PA 19087
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 690 $1,333
2 BDR/2 BA 975 $1,755
• Residents pay a $55 application fee and a $250
security deposit.
• Additional fees include a non-refundable pet
deposit of $500 per dog; $300 per cat and a pet
rent of $50 per dog; $35 per cat.
• Residents pay for gas and electric; property pays
for water and trash removal.
• Common area amenities include a fitness center,
playground, swimming pool, tennis courts, and
on-site laundry facilities.
• Unit amenities include a washer/dryer, wall-to-wall
carpeting, a microwave, and private balcony/patio.
• Management sets rent levels.
No. Units 234
Occupancy 92%
Year Built 1967
Managed by Scully Company
© 2016 The Greysteel Company LLC. All rights reserved.
The report below features a sampling of properties sold within the last six months in Pennsylvania. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.
Spotlight | Sales Comparables April 2016
THE REGENCY2049 Brown Avenue Bensalem, PA 19020
HENRY ON THE PARK7901 Henry Avenue Philadelphia, PA 19128
STATION SQUARE APARTMENTS100 Reading Circle Lansdale, PA 19446
CITY VIEW APARTMENTS114 E Lemon St Lancaster, PA 17602
THE GRAND CHERRY HILL APARTMENT HOMES1900–1920 Frontage Road Cherry Hill, NJ 08034
SUSQUEHANNA SUMMIT3941 Birchwood Circle Harrisburg, PA 17110
Close Date: November 2015
Units: 52
Year Built: 1963
Price: $5,000,000
Price/Unit: $96,154
Price/SF: $125.00
Seller: Tripoint Properties Inc.
Buyer: Private Owner
Close Date: December 2015Units: 57Year Built: 2008
Price: $11,250,000
Price/Unit: $197,368
Price/SF: $139.90
Seller:Classic Communities Corporation
Buyer:Metropolitan Management Group
Close Date: November 2015Units: 430Year Built: 1965Price: $70,000,000Price/Unit: $162,791Price/SF: $114.94Seller: Berkshire GroupBuyer: Morgan Properties
Close Date: December 2015
Units: 346
Year Built: 2005
Price: $67,200,000
Price/Unit: $194,220
Price/SF: $187.29
Seller: Lowe Enterprises Investors
Buyer: CBRE Global Investors Ltd.
Close Date: December 2015Units: 253
Year Built: 1973
Price: $19,750,000
Price/Unit: $78,063
Price/SF: $99.99
Seller:Brandywine Construction & Management, Inc.
Buyer: Wessex Management LLC
Close Date: November 2015
Units: 565
Year Built: 1969
Price: $89,500,000
Price/Unit: $158,688
Price/SF: $99.67
Seller: Eurohypo AG
Buyer: Harbor Group International
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* Corporate Headquarters and Transaction Services Center
TRANSACTION TEAM
Caleb BrownSenior Investment Associate
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CAPITAL MARKETS
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Service. Success. Perfected.
2 Bala Plaza, Suite 300Bala Cynwyd, PA, 19004 P. 215.437.0720 [email protected]
NORTH PENN FLATS236 S. 3RD STREETNORTH WALES, PENNSYLVANIAREQUEST FOR OFFERS
INVESTMENT HIGHLIGHTS
• Significant Value-Add Opportunity from current vacancy and under market rents, allowing new ownership to increase rents and renovating units upon turnover.
• Surrounded by local attractions and major employers including public, private, and healthcare employers.
LOCATION HIGHLIGHTS
• Direct transit access to Philadelphia’s Center City and University City via SEPTA’s North Wales Station on the Lansdale/Doylestown Regional Rail Line.
• Major thoroughfares include Interstate 476, PA 309, and U.S. 202, giving motorists access to Doylestown, Lehigh Valley, and the Greater Philadelphia Metropolitan Area.
• Three miles from Montgomery Mall, which features over 110 stores with multiple anchors including department stores JCPenney and Macys.
Spotlight | Exclusive Offering April 2016
Los Angeles • Washington, D.C.* • Baltimore • Philadelphia • Dallas • Fort Worth
