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Spotlight on the Main Line, Pennsylvania Multifamily
February 2015
Bryn Mawr College
“Main Line” refers to a corridor of affluent suburbs along a 15-mile
The featured properties in this month’s rent survey represent six
stretch of Lancaster Avenue immediately west of Philadelphia and
apartment communities in the heart of the mainline from Ardmore
straddling the Montgomery, Delaware, and Chester County borders.
to Bryn Mawr built between 1925 and 1973. Average occupancy rates
The area contains several middle and upper-class communities
for these communities range from 93% to 99%. Average rental rates
and well-known universities. The Main Line is named after the
per square foot range from $1.26 to $2.49, with average unit sizes
Pennsylvania Railroad’s Main Line, a rail line built in the 1800s that
ranging from 460 to 1,070 square feet. Common area amenities vary
ultimately connected Philadelphia with Harrisburg and Pittsburgh.
from a fitness center and on-site laundry facilities to a swimming
Today, the Main Line lends its name to the communities stretching
pool, bikeshare program, and dog park. Typical unit amenities vary
from Lower Merion Township to Malvern, and is split into lower Main
with most properties having classic and updated units that include
Line, the historic communities of Bala Cynwyd up to Bryn Mawr, and
hardwood flooring, a washer and dryer, and private patios and
upper Main Line, Villanova to Malvern.
balconies. Residents pay application fees from $25 to $75 and post
Residents enjoy excellent public transit with the Paoli/Thorndale
Line of SEPTA’s Regional Rail system that connects the area to
University and Center City, Philadelphia. Main stops include 30th
security deposits ranging from $500 up to one month’s rent. Pets are
allowed in the communities with some excluding dogs; residents pay
pet deposits of $175 to $400, and a monthly pet rent of $25 to $75.
Street Station, a large Philadelphia rail station that is serviced by
Amtrak, SEPTA Regional Rail, and the New Jersey Transit. Motorists
utilize thoroughfares Lancaster Avenue (US 30) and Interstate 476
to connect to larger Philadelphia Metro areas.
Education figures prominently in the local landscape with several
well-known universities including Saint Joseph’s University,
Villanova University, Haverford College, and Bryn Mawr College
among others. Collectively, the aforementioned institutions of
higher learning boast an enrollment total of 22,000 plus students
and endowments totaling over $1.8 billion. Additionally, the Main
Line features several prestigious private preparatory schools and
its public schools rank highly in area surveys.
© 2015 The Greysteel Company LLC. All rights reserved.
The Courtyard at Suburban Square, Ardmore
Spotlight Rent Comparables
CASA DEL SOL
ROSEMONT PLAZA
410 Lancaster Avenue
Haverford, PA 19041
1062 E. Lancaster Avenue
Rosemont, PA 19010
UNIT TYPE
SF
ASKING RENT
EFF
252
$820 - $1,170
EFF
342
$920
EFF
551
$1,095 - $1,345
1 BDR
620
$1,220
1 BDR
630
$1,295 - $1,445
1 BDR
651
$1,320 - $1,615
•
No. Units
88
Occupancy
96%
Year Built
1925
Managed by
Korman
Residential
•
•
•
•
•
166
Occupancy
Year Built
1966
Managed by
University City
Housing
454
Occupancy
93%
Year Built
Managed by
$1,255
2 BDR/2 BA
1,150 - 1,375
$1,720
3 BDR/2 BA
1,850
$2,320
•
•
•
No. Units
175
Occupancy
N/A
Year Built
1961
Managed by
•
•
•
Common area amenities include a community
room, swimming pool, laundry facilities, and a café.
Unit amenities include granite countertops.
Residents pay a $40 application fee and a security
deposit of up to one month’s rent.
Additional fees include a non-refundable pet
deposit of $175 and a monthly pet rent of $25 for
cats only.
Property pays for all utilities.
Management sets rent levels.
University City
Housing
120 E. Montgomery Avenue
Ardmore, PA 19003
UNIT TYPE
SF
ASKING RENT
UNIT TYPE
SF
1 BDR
900
$1,235 - $1,335
2 BDR/2 BA
900
$1,525
2 BDR/1 BA
1,200
$1,525 - $1,625
2 BDR/2 BA
1,000
$1,525 - $1,900
2 BDR/2 BA
1,200
$1,570 - $1,670
3 BDR/2 BA
1,000
$1,795
Common area amenities include a fitness center,
swimming pool access, and laundry facilities.
Unit amenities include hardwood floors, and in
select units, a private balcony/patio, washer/dryer,
and granite countertops.
Residents pay a $40 application fee and a security
deposit up to one month’s rent.
Additional fees include a non-refundable pet
deposit of $175 and a monthly pet rent of $25 for
cats only.
Residents pay for electricity; property pays for gas,
water, and trash removal.
Management sets rent levels.
3 BDR/2 BA
1,100
$1,795
•
•
•
•
•
Common area amenities include a fitness center
and laundry facilities.
Unit amenities include a private balcony/patio and
hardwood floors, and in select units, granite countertops,
stainless steel appliances, and a washer/dryer.
Residents pay a $50 application fee and a security
deposit up to one month’s rent.
Additional fees include a monthly pet rent of $45.
Residents pay for electricity; property pays for gas,
water, and trash removal.
Management sets rent levels.
•
No. Units
Occupancy
Year Built
Managed by
65
97%
1964
Harrison
Richards
ASKING RENT
•
•
•
•
RADWYN
HOME PROPERTIES OF BRYN MAWR
275 S. Bryn Mawr Avenue
Bryn Mawr, PA 19010
105 Charles Drive
Bryn Mawr, PA 19010
UNIT TYPE
SF
ASKING RENT
UNIT TYPE
SF
1 BDR
900
$1,205
1 BDR
580
$1,020
1 BDR
1,050
$1,205
1 BDR
620
$1,025 - $1,145
2 BDR/2 BA
1,050
$1,365
2 BDR/1 BA
800
$1,900 - $2,000
2 BDR/2 BA
1,200
$1,400
•
3 BDR/2 BA
1,350
$1,935
•
•
1973
Kaiserman
Company
ASKING RENT
MONTGOMERY PLAZA
•
No. Units
SF
650 - 925
1 BDR
1000 Conestoga Road
Bryn Mawr, PA 19010
•
N/A
Common area amenities include a fitness center,
laundry facilities, and a bikeshare program.
Unit amenities include, in select units, hardwood
floors, high ceilings, a private baclony/patio, and
stainless steel appliances.
Residents pay a $25 application fee and a $500
security deposit.
Additional fees include a non-refundable pet
deposit of $400 for cats only.
Residents pay for electricity; property pays for gas,
water, and trash removal.
Management sets rent levels.
UNIT TYPE
RADCLIFF HOUSE
•
No. Units
February 2015
•
•
•
Common area amenities include a fitness center,
swimming pool, dog park, and laundry facilities.
Unit amenities include a private balcony/patio,
granite countertops, stainless steel appliances, and
in select units, a washer/dryer.
Residents pay a $75 application fee and one month’s
rent security deposit.
Additional fees include a non-refundable pet
deposit of $300 and a monthly pet rent of $30.
Residents pay all utilities.
Management utilizes third party pricing software to
set rent levels.
© 2015 The Greysteel Company LLC. All rights reserved.
•
No. Units
Occupancy
Year Built
Managed by
316
99%
1952
Home
Properties
•
•
•
•
ASKING RENT
Common area amenities include a soon to be
complete fitness center, swimming pool, and
laundry facilities.
Unit amenities include, in select units, hardwood
floors and a washer/dryer.
Residents pay a $50 application fee and a $500
security deposit.
Additional fees include a non-refundable pet
deposit of $300 and a monthly pet rent of $35-$75.
Resident pays for all utilities.
Management utilizes third party pricing software to
set rent levels.
Spotlight Sales Comparables
February 2015
The report below features a sampling of properties sold within the last three months in Delaware, Pennsylvania, and New Jersey. 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.
LIMESTONE TERRACE
MILL CREEK VILLAGE
4603 Limestone Road
Wilmington, DE 19808
131 Scarborough Park Drive
Wilmington, DE 19804
Close Date:
Units:
Year Built:
Price:
Price/Unit:
Price/SF:
Seller:
Buyer:
Close Date:
Units:
Year Built:
Price:
Price/Unit:
Price/SF:
Seller:
Buyer:
February 2015
135
1961
$10,440,000
$77,333
$63.29
Capital Solutions
Sterling Bridge
Investment Partners
February 2015
156
1972
$12,440,000
$79,744
$95.97
Capital Solutions
Sterling Bridge
Investment Partners
CHESTNUT HILL TOWER
PARK CREST APARTMENTS
7600 Stenton Avenue
Philadelphia, PA 19118
275 E. High Street
Glassboro, NJ 08028
Close Date:
Units:
Year Built:
Price:
Price/Unit:
Price/SF:
Seller:
Buyer:
January 2015
228
1962
$24,500,000
$107,456
$108.58
Premier Properties
Eagle Rock Advisors
Close Date:
Units:
Year Built:
Price:
Price/Unit:
Price/SF:
Seller:
Buyer:
December 2014
385
1969
$23,000,000
$59,740
$74.75
Perseus Realty LLC
Chelsea Management
ATLANTIC CITY TOWNEHOUSE
COVENTRY AT GLEN MILLS
1330 Mediterranean Avenue
Atlantic City, NJ 08401
512 Coventry Lane
Glen Mills, PA 19342
Close Date:
Units:
Year Built:
Price:
Price/Unit:
Price/SF:
Seller:
Buyer:
Notes:
Close Date:
Units:
Year Built:
Price:
Price/Unit:
Price/SF:
Seller:
© 2015 The Greysteel Company LLC. All rights reserved.
December 2014
169
1975
$12,500,000
$73,964
$95.24
NHP Foundation
Vitus Group
Age Restricted
Property
Buyer:
December 2014
244
1985
$53,300,000
$218,443
$193.82
Red Rocks Group
JV Fortress
Equus Capital
Partners
Spotlight Exclusive Offering
February 2015
MARJORIE LANE APARTMENTS
BALTIMORE, MD
EXCLUSIVE OFFERING
INVESTMENT HIGHLIGHTS
• Significant value-add with six of the nine apartments under market by approximately $230.
• Nine-unit multifamily Property with recent renovations totaling over $182,000 ($20,222/unit).
• The Property boasts a very walkable Walkscore of 82 and is well served by six city busses all within a minute’s walk from
the Property allowing residents to take full advantage of public transportation.
• To be delivered free-and-clear of debt, enabling an investor to place very attractive long-term financing.
LOCATION HIGHLIGHTS
• T
hree miles south of the new $500 million Towson Town Center and across the street from the Belvedere Square
Market; which are both ideal locations for shopping and dining.
• Major employers in close proximity to the Property include Towson University, Loyola University, Morgan State
University, Mount Washington Pediatrics Hopital, and MedStar Good Samaritan Hospital.
TRANSACTION TEAM
CAPITAL MARKETS
Caleb Brown
Senior Investment Associate
Jake Ying
Analyst
Matt Schwartz
CEO
Yassi Farzaneh
Production Director
Anne Elizabeth Martin
Production Associate
Mark Bittenbender
Director
Philadelphia, PA • Washington, D.C. • Dallas-Fort Worth, TX • Baltimore, MD
© 2015 The Greysteel Company LLC. All rights reserved.
2 Bala Plaza, Suite 300
Bala Cynwyd, PA, 19004
P. 215.437.0721
[email protected]