Service. Success. Perfected. Spotlight on Upper Darby Township, Pennsylvania Multifamily October 2016 Upper Darby s 69th Street Upper Darby Township, located in Delaware County in southeastern Pennsylvania, 69th Street into a 100-room hotel and retail complex. Both developments received is approximately 10 miles west of Center City Philadelphia and adjacent to incentive financing packages that included a mix of public funding or state tax Haverford Township. The Township, originally settled in in the mid-17th century, credits. totals nearly eight square miles and is the seventh most populous municipality The featured properties in this month s rent survey represent six communities in in Pennsylvania. Upper Darby Township is home to nearly 90,000 residents and Upper Darby Township built between 1932 and 1972. Average occupancy rates for contains the communities of Drexel Hill, Aronimink, Beverly Hills, Bywood, Drexel these communities range from 93% to 99%. Average rental rates per square foot Park, Highlands Park, Llanerch Hills, Kellyville, Kirklyn, Oakview, Primos, Secane, range from $1.07 to $1.56, with average unit sizes ranging from 511 to 1,045 square Stonehurst, and Westbrook Park. The township is served by 12 public schools, feet. Common area amenities include on-site laundry facilities, tennis courts, plus The Kindergarten Center, totaling nearly 12,000 students. courtyards, and secured hall entry. Unit amenities feature hardwood flooring Upper Darby s principal business district at the intersection of 69th Street, Market or wall-to-wall carpeting, ceiling fans, walk-in closets, and fireplaces in select Street, and West Chester Pike serves as a transportation hub with access to properties. Residents pay an application fee ranging from $35 to $55 and post public transit via the Norristown High Speed line and the Market-Frankford line security deposits of one month s rent on average. Pets are allowed in the majority at SEPTA s 69th Street Terminal. Over 35,000 commuters pass through the station of communities with some breed restrictions; residents pay pet deposits ranging daily and multiple trolley and bus routes connect the terminal to major SEPTA from $200 to $300 and pet rents ranging from $10 to $25 per month. Residents lines within the greater Philadelphia metro area. are responsible for electric in the majority of the communities and landlords are Major economic industries in the Upper Darby Township and the surrounding generally responsible for water and sewer, trash removal, and in some cases, fuel/ areas include healthcare and social assistance, educational services, and Retail gas expenses. Trade. Following the construction of the 69th Street station in the early 20th century, the 69th Street shopping district was the second busiest shopping area in the region, just behind Center City Philadelphia. The district is now home to many historic Art-Deco style buildings and architecture and the street is the major shopping draw of area residents, with numerous small businesses and big box retailers such as Burlington Coat Factory, H&M, Ross Dress for Less, and more. An additional area attractions includes the historic Tower Theater at the intersection of 69th and Ludlow Streets, which has held legendary concerts by the likes of David Bowie, Genesis, Lou Reed, Steve Miller, and Bruce Springsteen. Looking ahead, the township s comprehensive plan seeks to expand the many historic commercial and employment corridors of the Township by establishing a redevelopment authority and through the creation of a BID (Business Improvement District) along the heart of 69th Street. A number of projects are underway or upcoming along 69th Street, including the redevelopment of St. Alice s Parish into 54 senior housing units, and the conversion of the former Sears building on Tower Theater
Spotlight Rent Comparables October 2016 BARCLAY SQUARE 1600 Garrett Road MERION TRACE 7200 Merion Terrace 1 BDR/1 BA 511 $751 1 BDR/1 BA 625 $885 2 BDR/1 BA 798 $945 1 BDR/1 BA/Junior 500 $785 2 BDR/2 BA 922 $1,003 2 BDR/1 BA 800 $1,050 No. Units 540 Occupancy 95% Year Built 1962 Managed by National Realty 3 BDR/2 BA 1,190 $1,325 Residents pay a $55 application fee and a security Additional fees include a non-refundable pet deposit of $250 and pet rent of $15 Common area amenities include on-site laundry facilities, secured access, and a landscaped courtyard Unit amenities include wall-to-wall carpeting and a private balcony/patio No. Units 232 Occupancy 98% Year Built 1972 Managed by The McKee Group Residents pay a $40 application fee and a security Additional fees include a pet deposit of $300 facilities, a playground, basketball courts, and on-site management Unit amenities include ceiling fans, wall-to-wall carpeting, and a private balcony/patio STONEHURST COURT 7250 Walnut Street OAKWOOD 8723 West Chester Pike EFF 308 $625 EFF 350 $545 1 BDR/1 BA 595 $790 1 BDR/1 BA 566 $745 2 BDR/1 BA 788 $915 2 BDR/1 BA 722 $845 No. Units 145 Occupancy 95% Year Built 1940 Managed by Woodward Properties Residents pay a $35 application fee and a security Additional fees include a pet deposit of $200 and pet rent of $25 Property pays for all utilities Common area amenities include on-site laundry facilities, secured access, and a landscaped courtyard Unit amenities include hardwood floors, ceiling fans, a walk-in closet, and in select units bay windows No. Units 133 Occupancy 99% Year Built 1963 Managed by Woodward Properties Residents pay a $35 application fee and a security Additional fees include a pet deposit of $200 and pet rent of $25 facilities and a landscaped courtyard Unit amenities include wall-to-wall carpeting, oversized closets, and ceramic tile bathrooms PARK LANE EAST 250 Beverly Boulevard SHIRLEY COURT 7201 Bradford Road EFF 460 $710 1 BDR/1 BA 640 $760 1 BDR/1 BA 646 $835 2 BDR/1 BA 750 $900 No. Units 354 Occupancy 93% Year Built 1965 Managed by National Realty 1 BDR/1BA/Junior 520 $775 2 BDR/1 BA 888 $955 2 BDR/2 BA 923 $1,045 3 BDR/2 BA 1,178 $1,365 Residents pay a $55 application fee and a security Additional fees include a pet deposit of $250 and pet rent of $15 facilities, tennis courts, on-site management, and a landscaped courtyard Unit amenities include wall-to-wall carpeting, a walkin closet, and tile kitchen floors No. Units 153 Occupancy 93% Year Built 1932 Managed by NOVO Properties Residents pay a $40 application fee, a security, and a $95 move-in fee Additional fees include pet rent of $10 facilities, on-site storage, secured access, and on-site management Unit amenities include renovated hardwood floors, granite countertops, stainless steel appliances, and a walk-in closet
Spotlight Sales Comparables October 2016 The report below features a sampling of properties sold within the last two months in the Philadelphia Metropolitan Statistical Area (MSA). 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. 811 815 NORTH 2ND 811 815 N. 2nd Street Philadelphia, PA 19123 Close Date: 10/3/16 Units: 11 Year Built: 2013 Price: $3,200,000 Price/Unit: $290,210 Price/SF: $217.98 811 Partners LLC 811 North 2nd Street LLC CHARTER COURT AT EAST FALLS 5450 Wissahickon Avenue Philadelphia, PA 19144 Close Date: 9/28/16 Units: Year Built: 1951 Price: $56,000,000 Price/Unit: $112,676 Price/SF: $170.15 497 Multifamily/ 3 Commericial TreeTop Development LLC GoldOller Real Estate Investments THE POINT AT WINDERMERE 1500 Windermere Road West Chester, PA 19380 Close Date: 9/27/16 Units: 242 Year Built: 1991 Price: $52,000,000 Price/Unit: $214,876 Price/SF: $197.11 Windsor Communities Pantzer Properties 1605 APARTMENTS 1605 W. Allegheny Avenue Philadelphia, PA 19132 Close Date: 9/13/16 Units: 87 Year Built: 1925 Price: $3,925,000 Price/Unit: $45,115 Price/SF: $36.60 IS Allegheny LLC Allegheny Apts LLC 5824 5850 NORTH 13TH 5824 5850 N. 13th Street Philadelphia, PA 19141 Close Date: 9/8/16 Units: 75 Year Built: 1930 Price: $3,800,000 Price/Unit: $50,667 Price/SF: $82.82 *Bought for redevelopment Marion Court LLC 532 Brooklyn LLC HUNTER S RUN APARTMENTS 1151 Sterigere Street Norristown, PA 19401 Close Date: 9/8/16 Units: 39 Year Built: 1965 Price: $2,850,000 Price/Unit: $73,077 Price/SF: $73.47 Hunters Run Exchange LP RRG Norristown Apartments LLC
Spotlight Closed October 2016 NORTH PENN FLATS 236 S. 3RD STREET NORTH WALES, PA CLOSED AUGUST 2016
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