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Spotlight on Broomall/Springfield, Pennsylvania | Multifamily
July 2016
Swarthmore College
Broomall and Springfield are neighboring townships in Pennsylvania’s
Occupancy rates for stabilized communities range from 94% to 100%.
Delaware County. Located between Philadelphia, Pennsylvania and
Average rental rates per square foot range from $1.04 to $1.56, with unit
Wilmington, Delaware, the municipalities provide an idyllic suburban
sizes ranging from 600 to 1,371 square feet. Common area amenities
lifestyle with accessibility to urban amenities. Broomall and Springfield
include on-site laundry facilities, swimming pools, clubhouses, ample
feature high quality retail, convenient access to mass transit, higher
neighborhood green spaces, and local parking options. Unit features
education, and established local economic drivers.
include private balconies/patios, wall-to-wall carpeting, walk-in closets,
Both municipalities are well-served by public transit via SEPTA trolley
and bus lines. Furthermore, Interstate 476, Route 1, and Baltimore Pike
allow residents to access Interstate 95 and the broader Delaware River
Valley, including the King of Prussia Mall, the Philadelphia International
Airport, as well as Philadelphia’s University and Center Cities.
and in select properties, a washer/dryer. Residents pay application fees
from $30 to $100 and security deposits from $500 to one month’s rent.
Pets are allowed in all surveyed communities with residents paying
non-refundable pet deposits of $200 to $500 and monthly pet rents of
$15 to $40.
Closer to home, residents are near Swarthmore College and enjoy
local amenities such as Springfield Mall, Marple Sports Arena, Marple
Crossroads Shopping Center, and the Lawrence Park Shopping Center.
Swarthmore College, a private liberal arts college, has been called a
“Little Ivy” and is routinely at the top of several national publications’
rankings including U.S. News & World Report, Forbes, and the Wall
Street Journal. Springfield Mall, a regional mall anchored by Macy’s
and Target, provides residents the enclosed mall experience, while
Lawrence Park and Marple Crossroads centers give shoppers access to
big box stores.
The featured properties in this month’s rent survey represent six
communities in Broomall and Springfield built between 1960 and 1970.
© 2016 The Greysteel Company LLC. All rights reserved.
King of Prussia Mall
Spotlight | Rent Comparables
EVERGREEN CLUB
GOVERNOR SPROUL
3041 W. Chester Pike
Broomall, PA 19008
301 S. Parkway Avenue
Broomall, PA 19008
UNIT TYPE
SF
ASKING RENT
1 BDR/1 BA
600
$860
2 BDR/1 BA
800
$940
2 BDR/1.5 BA
950
$955
2 BDR/2 BA
950
$1,005
•
•
No. Units
86
Occupancy
98%
Year Built
1965
Managed by
July 2016
•
•
Residents pay a $100 application fee and a security
deposit of one month’s rent.
Residents pay for electric; property pays for gas,
water, and trash removal.
Common area amenities include a swimming pool
and on-site laundry facilities.
Unit amenities include wall-to-wall carpeting.
Facciolo Frank
Real Estate
SF
EFF
700
$930
1 BDR/1 BA
800
$1,108
2 BDR/1 BA
1,000
$1,320
3 BDR/2 BA
1,371
$1,558
•
•
No. Units
272
Occupancy
99%
Year Built
1962
Managed by
Viking Associates
•
•
•
ROLLING GREEN
257 N. State Road
Springfield, PA 19064
UNIT TYPE
SF
ASKING RENT
UNIT TYPE
SF
ASKING RENT
2 BDR/1 BA
865
$1,275
2 BDR/1.5 BA
850
$1,325
3 BDR/2 BA
975
$1,475
•
•
41
97%
Year Built
1965
Managed by
•
•
Apt Management
Occupancy
94%
Year Built
1960
•
•
No. Units
100
Occupancy
96%
Year Built
1970
Shooster Properties
SPRINGTON COURT APARTMENTS
610 E. Woodland Avenue
Springfield, PA 19064
2630 W. Chester Pike
Broomall, PA 19008
UNIT TYPE
SF
ASKING RENT
UNIT TYPE
SF
ASKING RENT
1 BDR/1 BA
650
$973
1 BDR/1 BA
700
$865
2 BDR/1 BA
800
$1,093
2 BDR/1 BA
870
$965
•
36
•
Residents pay a $35 application fee and a security
deposit of one month’s rent.
Residents pay for electric; property pays for gas,
water, and trash removal.
Common area amenities include on-site
laundry facilities.
Unit amenities include wall-to-wall carpeting and
ceiling fans.
SPRINGWOOD APARTMENTS
•
Managed by
Residents pay a $35 application fee and a security
deposit of one month’s rent.
Additional fees include a non-refundable pet
deposit of $300 and a pet rent of $25.
Residents pay for gas and electric; property pays for
water and trash removal.
Common area amenities include on-site
laundry facilities.
Unit amenities include a washer/dryer, granite
countertops, and a private balcony/patio.
Managed by
•
No. Units
Unit amenities include a dishwasher, private
balcony/patio, washer/dryer, and walk-in closets.
501 Lawrence Road
Broomall, PA 19008
•
Occupancy
Residents pay a $60 application fee and a security
deposit of one month’s rent.
Additional fees include a non-refundable pet
deposit of $300 and a pet rent of $25 per dog and
$15 per cat.
Residents pay for gas and electric; property pays for
water and trash removal.
Common area amenities include a swimming pool,
clubhouse, and on-site laundry facilities.
RITTENHOUSE
•
No. Units
ASKING
RENT
UNIT TYPE
•
•
Residents pay a $30 application fee and a security
deposit of one month’s rent.
Additional fees include a non-refundable pet
deposit of $250 and a pet rent of $25.
Residents pay for electric; property pays for gas,
water, and trash removal.
Common area amenities include on-site
laundry facilities.
Unit amenities include wall-to-wall carpeting.
Halfpenny
Management
Company
© 2016 The Greysteel Company LLC. All rights reserved.
•
•
•
No. Units
Occupancy
Year Built
Managed by
49
100%
1965
Private Owner
•
Residents pay a $40 application fee and a $500
security deposit.
Residents pay for electric; property pays for gas,
water, and trash removal.
Common area amenities include on-site
laundry facilities.
Unit amenities include wall-to-wall carpeting and a
dishwasher.
Spotlight | Sales Comparables
July 2016
The report below features a sampling of properties sold within the last three months in 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.
THE GREENS AT WESTGATE
APARTMENTS
1800 Kenneth Road
York, PA 17408
CHESTER PLAZA APARTMENTS
4605 Chester Avenue*
Philadelphia, PA 19143
June 2016
Close Date:
June 2016
200
Units:
77
1989
Year Built:
1925
Price:
$12,025,000
Price:
$9,691,520
Price/Unit:
$60,125
Price/Unit:
$125,863
$45.25
Price/SF:
$323.48
Westgate LP
Greens Of Westgate
Apartments PA LLC
Seller:
Post Brothers Apartments
Buyer:
ZanderCO Management
Close Date:
Units:
Year Built:
Price/SF:
Seller:
Buyer:
* Part of Portfolio
THE NETHERLANDS APARTMENTS
HIGHLAND GARDENS APARTMENTS
4300 Chestnut Street*
Philadelphia, PA 19104
1011 N. 22nd Street
Allentown, PA 18104
Close Date:
June 2016
Close Date:
May 2016
Units:
63
Units:
78
Year Built:
1907
Year Built:
1990
Price:
$5,008,480
Price:
$7,100,000
Price/Unit:
$79,499
Price/Unit:
$91,026
Price/SF:
$45.41
Price/SF:
$115.22
Seller:
Highland Gardens
Apartments LLC
Seller:
Post Brothers Apartments
Buyer:
ZanderCO Management
Buyer:
Highland Gardens LLC
* Part of Portfolio
MARLTON COLONIAL APARTMENTS
THE LANTERN AT GLEN MILLS
6 N. Locust Avenue
Marlton, NJ 08053
100 Cornerstone Drive
Marlton, NJ 08053
Close Date:
April 2016
Close Date:
April 2016
Units:
40
Units:
280
Year Built:
1971
Year Built:
2003
Price:
$4,829,250
Price:
$66,100,000
Price/Unit:
$120,731
Price/Unit:
$236,071
Price/SF:
$106.15
Price/SF:
$209.94
Seller:
Duke Properties
Seller:
CalSTRS
Buyer:
Private Owner
Buyer:
TIAA
© 2016 The Greysteel Company LLC. All rights reserved.
Spotlight | Exclusive Offering
July 2016
RICHMOND STREET
3501–3549 RICHMOND STREET
PHILADELPHIA, PA
REQUEST FOR OFFERS - DATE
MULTIFAMILY/COMMERCIAL DEVELOPMENT SITE
TRANSACTION TEAM
DEBT + STRUCTURED FINANCE
Caleb Brown
Senior Investment Associate
Matt Hutton
Senior Analyst
Brittany Wismer
Senior Finance Associate
Yassi Farzaneh
Production Director
Pauline Lefebvre
Production Associate
Max Gross
Senior Analyst
Kelsey Brendel
Senior Designer
Ari Firoozabadi
Co-Founder
Matt Schwartz
CEO
Los Angeles • Washington, D.C.* • Baltimore • Philadelphia • Dallas • Fort Worth
CA License No: 01984315 • D.C. License No: LL983371301 • MD License No: 636050 • PA License No: RB068196 • TX License No: 9003023 • VA License No: 0226023703
* Corporate Headquarters and Transaction Services Center
© 2016 The Greysteel Company LLC. All rights reserved.
Service. Success. Perfected.
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P. 215.437.0720
[email protected]