A Multifamily Development Site

Old Pennell and Pennell Road

Delaware County, PA

 

Click here to sign the confidentiality agreement and access the document center

Multifamily Development Site

Old Pennell and Pennell Road

Delaware County, PA

 

Click here to sign the confidentiality agreement and access the document center

INVESTMENT HIGHLIGHTS

  1. Strong Market Fundamentals -97% occupancy amongst new construction properties in the competitive set, 4.4% average annual rental growth from 2015-2019 and no major deliveries imminent in the pipeline.
  2. Fully Approved Development Site - Opportunity to acquire a fully approved 180-unit development site within a rapidly expanding market in Delaware County.
  3. Swift Lease-up at New Developments - New apartment deliveries in Delaware County have experienced strong leasing activity with an average absorption rate of 16 units per month and an average of 14 months to stabilization.
  4. Aging Housing Stock - 76% of existing apartments in the West Delaware County submarket were built in the 1970’s or earlier, according to REI.
  5. Proximity to Major Employment Hubs - Centralized location in Delaware County offers a quick commute to major employment hubs, including: Philadelphia, Wilmington, DE, the Main Line, Exton and West Chester.
  6. Strong Regional Connectivity - Future residents will benefit from the property’s location near major thoroughfares, including: I-95, I-476, Route 1 and Route 322, as well SEPTA’s Media/Elwyn Regional Rail line.
  7.  

INVESTMENT OPPORTUNITY

Berkadia is pleased to present the opportunity to purchase the Star Hill Development Site in Aston Township (the “Site” or “Star Hill”), a fully approved 180-unit development site​ located between Old Pennell and Pennell Roads in Delaware County, PA. Located in the heart of Delaware County, the Site is less than a 25-minute drive to major employment hubs in Philadelphia, Wilmington, DE and the Main Line. Future residents will also benefit from the Site’s proximity to nearby retail, dining and entertainment destinations, including downtown Media, West Chester and the Concordville Town Center. The Site’s centralized Delaware County location offers excellent connectivity throughout the tri-state area, with proximity to I-95, I-476, Route 1 and Route 322, as well as public transportation via SEPTA’s Media/Elwyn Regional Rail line just a few minutes away.

THE LOCATION

Delaware County (often referred to as Delco), although one of the smallest counties by area, is the fifth-largest by population in the state of Pennsylvania. The county is situated in the heart of the Northeast Megalopolis, just west of the city-county of Philadelphia along the Delaware River, and bordering the state of New Jersey to the southeast. ​ Combined, the two counties make up the Philadelphia Metro Division (MD) - one of four divisions in the metro region.

More than 13,000 companies in a variety of industries are located in Delaware County. Businesses are attracted to the county’s unique position between the major cities of Philadelphia and Wilmington, along the Delaware River, with the convenience of the Philadelphia International Airport, giving immediate access to the Mid-Atlantic market.

The county’s economy is strengthened by over a dozen institutions of higher education, three health care systems with a total of six hospitals, and the Marcus Hook Industrial Complex. Recently, a $200 million contract was signed to employ 1,200 workers over the next two years to transform the Sunoco refinery into a world-class natural gas hub.

 

DELAWARE COUNTY

INVESTMENT ADVISORS

FINANCING

PHILADELPHIA OFFICE

3 Logan Square

1717 Arch Street, Suite 1410

Philadelphia, PA 19103

Phone: 215.328.1400

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​ ​

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