MULTIFAMILY PORTFOLIO 3 Properties | 15 Units Delaware County

Transcription

MULTIFAMILY PORTFOLIO
3 Properties | 15 Units
Delaware County
Pennsylvania
207 Clifton Avenue - Collingdale
50 S. Scott Avenue - Glenolden
90-92 Florence Avenue - Sharon Hill
OFFERING MEMORANDUM
The following disclaimer applies to the attached Offering Memorandum (“Memorandum”) and you are,
therefore, advised to read this Disclaimer carefully before reading, accessing or making any other use of the Offering Memorandum or other information supplied in connection with the Property.
The Memorandum shall not constitute an offer to sell the Property. A sale of the Property shall only take
place upon the execution of an Agreement of Sale that has been signed by Buyer and Seller and all conditions
and contingencies contained in the Agreement of Sale have been satisfied prior to settlement.
Neither Rittenhouse Realty Advisors (“RRA”) nor any other third parties have been authorized to give
any information other than what has been provided in the Memorandum. Notwithstanding the foregoing, RRA
does not make any representation as to the completeness or accuracy of the information contained in the Memorandum or the value or performance of the Property either past, present or future. The information contained in
the Memorandum shall not be relied upon as a promise or representation as to any condition, value or performance of the Property. RRA and its owners, members, shareholders, managers, employees, agents and affiliates
expressly disclaim any and all liability for any and all representations, either express or implied, arising from any
statements, warranties, representations or information provided in the Memorandum or from the omission of any
such representations, statements, warranties or information from the Memorandum. It is the sole responsibility
of any recipient of the Memorandum to verify the information contained therein and to conduct the proper due
diligence concerning the Property.
Qualified prospective purchasers of the Property shall be afforded an opportunity to conduct inspections
of the Property. It is expected that such qualified purchasers shall conduct any and all inspections and evaluations of the Property deemed necessary by them.
RRA and Seller reserve the right, at their sole discretion, to reject any and all expressions of interest
concerning the Property from third parties, including the termination of any ongoing discussions and/or negotiations. The Memorandum is subject to withdraw, cancellation or modification by RRA or Seller at any time. Seller shall have no legal obligation to any party that has received or reviewed the Memorandum unless and until a
written Agreement of Sale has been fully executed, delivered and approved by Seller and Seller’s counsel; and
all contingencies and/or conditions to Seller’s obligation to settle have been satisfied.
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103
215.454.2852 | [email protected]
2
Table of Contents
Pricing & Financial Analysis
Executive Summary
5
Financial Analysis
8
Rent Roll Summary
10
Financial Overview
11
Property Description
207 Clifton Avenue - Collingdale
Property Details
13
Site Plan/Aerial
14
Property Photographs
15
50 S. Scott Avenue - Glenolden
Property Details
18
Site Plan/Aerial
19
20
90-92 Florence Avenue - Sharon Hill
Property Details
21
Site Plan/Aerial
22
23
Market Overview
Competitive Rental Market Survey
26
Location Overview
29
3
PRICING & FINANCIAL ANALYSIS
Executive Summary
Financial Analysis
Rent Roll Summary
Financial Overview
Executive Summary
Investment Highlights

All 3 Properties Situated within 5 Minutes of Each Other

Excellent Locations in Highly Sought After Delaware County Pennsylvania

Value-Add Opportunity with Upside in Rents of $50 to $100 per Unit per Month

Convenient Access to Interstate-95, Interstate-476 and PA Route 1

Situated in Close Proximity to SEPTA’s Wilmington/Trenton Regional Rail Line and 102 Trolley Line
Pricing
Offering Price
$700,000
Number of Units
15
Price per Unit
$46,667
Pro Forma Cap Rate (Less Reserves)
7.2%
Terms of Sale
Offered free and clear of debt.
All cash at closing.
5
Executive Summary
Investment Overview
Rittenhouse Realty Advisors (“RRA”) extends to qualified investors the opportunity to acquire the fee simple interest
in this multifamily portfolio situated in Southeastern Delaware County, Pennsylvania. The portfolio consists of three
five-unit properties totaling 15 apartment units. The properties are strategically located in Delaware County, just 10
miles southwest of Center City and the Pennsylvania-Delaware border. The location of the properties provides its
tenants with ease of access to public transportation. SEPTA’s Wilmington/Newark Regional Rail Line and 102 Trolley Line are within short proximity of each subject property granting tenants the opportunity to reach Center City and
the 69th Street Transportation Center in less than 30 minutes.
The property at 207 Clifton Avenue in Collingdale has a total of five units, consisting of 1 studio, 3, one-bedroom
units and 1, two-bedroom unit. The average in-place rent is $600 for the studio, $650 for the one-bedroom and $695
for the two-bedroom. The current owner recently replaced the heating system at the property.
The property at 50 South Scott Avenue in Glenolden has a total of five units, consisting of 2 studios, 2, one-bedroom
units and 1, two-bedroom unit. The average in-place rent is $630 for the studio, $690 for the one-bedroom and $695
for the two-bedroom. The current owner recently replaced the heating system at the property as well as the driveway
and sidewalk.
The property at 90-92 Florence Avenue in Sharon Hill has a total of five units, consisting of 1, one-bedroom and 4,
two-bedroom units. Average in-place rent is $695 for the one-bedroom and $720 for the two-bedroom units. The
current owner recently replaced the hot water heater, roof and windows at this building. There is also a garage at this
location.
These properties present themselves as an excellent value-add opportunity for a new owner. The rental rates at the
subject properties are below market considering their location near public transportation as shown in the Competitive
Rental Market Survey (beginning on page 26). A new owner can raise rents $50 to $100 per month with renovations
to existing kitchens and bathrooms.
This multifamily portfolio in Delaware County is well served by its proximity to the employment centers, shopping
and abundant amenities of Center City Philadelphia and Delaware County. It is only a 30-minute drive (about the
same via Regional Rail) to Center City Philadelphia and 15 minutes to Philadelphia International Airport. The portfolio’s location within Delaware County allows tenants convenient access to major transportation arteries, such as
Interstate-95, Interstate-476 and PA Route 1.
6
207 Clifton Avenue
Collingdale, Pennsylvania
5 Units
50 South Scott Avenue
Glenolden, Pennsylvania
5 Units
90-92 Florence Avenue
Sharon Hill, Pennsylvania
5 Units
7
Financial Analysis - Portfolio
15 TOTAL UNITS
PORTFOLIO
T-12 Ending
11/14 Expenses
PORTFOLIO
2015
PRO FORMA
PRO FORMA ASSUMPTIONS
Income
Rental Income
Total Gross Potential Rent
$122,160
(6,108)
Less: Vacancy
Net Rental Income
Total Income
Total Gross Potential Rent; Rent Roll dated 11/17/14 ($9,485 x 12 Months)
5% Estimate (13% per Rent Roll dated 11/17/14)
$123,060
$116,052
$123,060
$116,052
$24,659
$24,659
4,660
4,891
T-12 Ending 11/25/14 Plus 20% Scott Avenue Property (Converted to Gas Heat)
15,064
8,133
T-12 Ending 11/25/14
4,968
4,968
T-12 Ending 11/25/14
$350 per Unit Estimate
Expenses
Fixed Expenses
Real Estate Taxes
Gas & Electric
Oil
Water
Insurance
T-12 Ending 11/25/14
0
5,250
Trash Removal
773
773
T-12 Ending 11/25/14
Permits & Fees
0
825
$55 per Unit per Delaware County
$50,124
$49,499
Total Fixed Expenses
$3,300
Variable Expenses
Management Fee
$3,600
$5,803
Repairs/Maintenance/Turnover
0
4,500
Landscaping & Snow Removal
0
1,500
General/Administrative/Misc.
0
750
Total Variable Expenses
$3,600
$12,553
$837
Total Operating Expenses
$53,724
$62,052
$4,137
Net Operating Income
$69,336
$54,000
Capital Reserves
$0
($3,750)
$69,336
$50,250
Net Operating Income Less Reserves
5% Management Fee
8
9
$25,649
$17,486
($1,250)
$0
Capital Reserves
Net Operating Income Less Reserves
$18,736
$18,656
$25,649
$13,711
Total Operating Expenses
$4,120
Net Operating Income
$1,200
250
0
General/Administrative/Misc.
Total Variable Expenses
500
0
1,500
0
$1,870
Landscaping & Snow Removal
$1,200
$14,536
Repairs/Maintenance/Turnover
Management Fee
Variable Expenses
$12,511
0
Permits & Fees
Total Fixed Expenses
0
275
0
Trash Removal
1,750
1,827
0
3,175
$7,509
$37,392
0
1,827
0
3,175
$7,509
$39,360
Insurance
Water
Oil
Gas & Electric
Real Estate Taxes
Fixed Expenses
Expenses
Total Income
$21,561
$0
$21,561
$18,399
$1,200
0
0
0
$1,200
$17,199
0
773
0
1,304
6,931
1,157
$7,034
$39,960
$20,040
($1,250)
$21,290
$16,673
$4,148
250
500
1,500
$1,898
$12,524
275
773
1,750
1,304
0
1,388
$7,034
$37,962
$22,126
$0
$22,126
$21,614
$1,200
0
0
0
$1,200
$20,414
0
0
0
1,837
8,133
328
$10,116
$43,740
$37,392
Net Rental Income
$12,724
($1,250)
$13,974
$26,724
$4,285
250
500
1,500
$2,035
$22,439
275
0
1,750
1,837
8,133
328
$10,116
$40,698
$40,698
(2,142)
$37,962
$42,840
FLORENCE
2015
PRO FORMA
(1,998)
$43,740
FLORENCE
T-12 Ending
11/14 Expenses
$39,960
SCOTT
2015
PRO FORMA
(1,968)
$39,960
SCOTT
T-12 Ending
11/14 Expenses
$39,360
CLIFTON
2015
PRO FORMA
Less: Vacancy
$39,360
CLIFTON
T-12 Ending
11/14 Expenses
Total Gross Potential Rent
Rental Income
Income
Financial Analysis
$4,137
$837
5% Management Fee
$3,300
$55 per Unit per Delaware County
T-12 Ending 11/25/14
T-12 Ending 11/25/14
T-12 Ending 11/25/14
T-12 Ending 11/25/14 Plus 20% Scott Avenue Property
T-12 Ending 11/25/14
5% Estimate (13% per Rent Roll dated 11/17/14)
Total Gross Potential Rent; Rent Roll of 11/17/14 ($9,485 x 12 Mos.)
PRO FORMA ASSUMPTIONS
As of December 1, 2014
Rent Roll Summary
Clifton Avenue
Count
Unit No.
Unit Type
Status
Rent
1
2
1
1 Bedroom / 1 Bath
Leased
$650
2
1 Bedroom / 1 Bath
Vacant
3
3
Studio
Leased
4
4
1 Bedroom / 1 Bath
Vacant
5
5
2 Bedroom / 1 Bath
Leased
5
Total
Vacant Rent
$685
$600
$650
$695
$1,945
$1,335
Vacant Rent
Scott Avenue
Count
Unit No.
Unit Type
Status
Rent
1
1
1 Bedroom / 1 Bath
Leased
$690
2
2
1 Bedroom / 1 Bath
Leased
$685
3
4
3
4
Studio
Studio
Leased
Leased
$620
$640
5
5
2 Bedroom / 1 Bath
Leased
$695
5
Total
$3,330
$0
Vacant Rent
Florence Avenue
Count
Unit No.
Unit Type
Status
Rent
1
90A
1 Bedroom / 1 Bath
Leased
$695
2
90B
2 Bedroom / 1 Bath
Leased
$640
3
92A
2 Bedroom / 1 Bath
Leased
$770
4
92B
2 Bedroom / 1 Bath
Leased
$695
5
92 Basement
2 Bedroom / 1 Bath
Leased
$770
5
Total
$3,570
$0
10
Financial Overview
Financial Summary
Offering Price
$700,000
Price per Unit
$46,667
CAP Rate
7.2%
Financing
Down Payment (25%)
$175,000
Loan Amount
$525,000
Interest Rate
4.25%
Amortization
25 Years
Term
5 Years
Return
Net Cash Before Debt Service
$50,250
Annual Payment
$34,130
Net Cash After Debt Service
$16,120
Debt Coverage Ratio
1.47
Cash-on-Cash Return
9.57%
Above financing terms are offered through Rittenhouse Capital Advisors debt
advisory platform. To discuss bank terms furnished above or to discuss other
programs, contact:
Rittenhouse Capital Advisors
George D. Johnson, Jr.
[email protected]
(O) 215.989.4443
(M) 267.218.4411
11
PROPERTY DESCRIPTION
Property Details
Site Plan / Aerial
Property Details
Property Address
207 Clifton Avenue; Collingdale, Pennsylvania 19023
County
Delaware
Municipality/Township
Collingdale Borough
School District
Wallingford-Swarthmore
Zoning
Residential (01)
APN
11000071000
Lot Size
0.08 Acres / 3,354 Square Foot
Lot Width/Depth
30 x 11
No. of Buildings
1
No. of Stories
3
No. of Apartment Units
5
Parking
On/Off Street Available
Property Construction
Foundation
Block
Exterior
Stucco; Brick
Framing
Wood Joist
Roof
Flat
Parking Surface
Stone; Direct (to be Paved)
Utilities
Cold Water
Landlord
Hot Water
Landlord
Gas
Landlord
Electric
Tenant
Mechanical
HVAC
Gas Fired Hot Water Radiator
Wiring
60 AMP
Fire Protection
Battery Operated in Units; Hardwired in Hallways
13
Site Plan/Aerial
14
Property Photographs - 207 Clifton Avenue; Collingdale, Pennsylvania
15
16
17
Property Details
Property Address
50 S. Scott Avenue; Glenolden, Pennsylvania 19036
County
Delaware
Glenolden Borough
School District
Southeast Delco
Zoning
Residential (01)
APN
21000176500
Lot Size
Lot Width/Depth
97 x 101
Year Built / Renovated
1900
No. of Buildings
1
No. of Stories
3
5
Rentable Square Feet
2,660±
Parking
On/Off Street Parking Available
Foundation
Stone and Mortar
Exterior
Stucco; Brick
Framing
Wood Joist
Roof
Pitched
Parking Surface
Asphalt
Utilities
Cold Water
Landlord
Hot Water
Landlord
Gas
Landlord
Electric
Tenant
Mechanical
HVAC
Gas Forced Hot Air Radiators
Wiring
40 AMP
Fire Protection
Battery Operated
18
Site Plan/Aerial
19
Property Photographs - 50 S. Scott Avenue; Glenolden, Pennsylvania
20
Property Details
Property Address
90-92 Florence Avenue; Sharon Hill, Pennsylvania 19079
County
Delaware
Sharon Hill Borough
School District
Southeast Delco
Zoning
Commercial (02)
APN
41000089800
Lot Size
Lot Width/Depth
No. of Buildings
56 x 91
1
No. of Stories
3
5
Parking
On Street; Off Street (3)
Foundation
Block
Exterior
Brick; Block
Framing
Wood Joist
Roof
Flat
Parking Surface
Asphalt
Utilities
Cold Water
Landlord
Hot Water
Landlord
Gas
Landlord
Electric
Tenant
Mechanical
HVAC
Oil Fired Hot Water Radiator
Wiring
100 AMP
Fire Protection
Hard-Wired System
21
Site Plan/Aerial
22
Property Photographs - 90-92 Florence Avenue; Sharon Hill, Pennsylvania
23
Property Photographs - 90-92 Florence Avenue; Sharon Hill, Pennsylvania
24
MARKET OVERVIEW
Competitive Rental Market Survey
Location Overview
Competitive Rental Market Survey - Collingdale Area
Map
Ref.
Property / Location
Built
207 Clifton Avenue
Collingdale, PA 19034
Units
5
Occup.
60%
Unit Mix
Current Rent
Studio
$600
1Bdr 1Ba
$650-$685
2Bdr 1Ba
$695
Unit Mix
Current Rent
1Bdr 1Ba
$710
2Bdr 1Ba
$900
Utilities
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Owner
Owner
Owner
COMPARABLE PROPERTIES
Map
Ref.
Utilities
Property / Location
Built
Units
Occup.
1972
18
89%
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Tenant
Tenant
Tenant
1
Collingdale Court Apartments
1010 Beechwood Avenue
Darby, PA 19023
2
Spruce Street at Clifton Avenue
Collingdale, PA 19023
N/A
2
N/A
2Bdr 1Ba
$700
Tenant
Tenant
Tenant
Owner
3
Rosedale Apartments
200 Holmes Road
Holmes, PA 19043
N/A
24
96%
1Bdr 1Ba
$660
Tenant
Tenant
Tenant
Tenant
Holmes Gardens
201 Holmes Road
Holmes, PA 19043
1Bdr 1Ba
$775
4
N/A
17
98%
2Bdr 1Ba
$995
Tenant
Owner
Owner
Owner
26
Competitive Rental Market Survey - Glenolden Area
Map
Ref.
Utilities
Property / Location
Built
50 South Scott Avenue
Glenolden, PA 19036
Map
Ref.
1
Units
5
Occup.
Unit Mix
Current Rent
Studio
$620-$640
100%
1Bdr 1Ba
$685-$690
2Bdr 1Ba
$695
Unit Mix
Current Rent
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Owner
Owner
Owner
Utilities
Property / Location
Glen Brook Apartments
201 S. MacDade Boulevard
Glenolden, PA 19036
Built
1965
Units
174
Occup.
96%
2
Folcroft Station Apartments
1528 Elmwood Avenue
Folcroft, PA 19032
1970
34
N/A
3
Cameo Court Apartments
400 South Chester Pike
Glenolden, PA 19036
1970
25
100%
1Bdr 1Ba
$750-$795
2Bdr 1Ba
$850-$895
3Bdr 2Ba
$1,300
4Bdr 1Ba
$1,600
1Bdr 1Ba
$715
1Bdr 1Ba
$840
2Bdr 1Ba
$895
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Tenant
Tenant
Tenant
Tenant
Owner
Owner
Owner
Tenant
Owner
Owner
Owner
27
Competitive Rental Market Survey - Sharon Hill Area
Map
Ref.
Utilities
Property / Location
Built
90-92 Florence Avenue
Sharon Hill, PA 19079
Units
Occup.
5
100%
Unit Mix
Current Rent
1Bdr 1Ba
$695
2Bdr 1Ba
$640-$770
Unit Mix
Current Rent
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Owner
Owner
Owner
COMPARABLE PROPERTIES
Map
Ref.
1
2
3
Utilities
Property / Location
Built
Spring Village Apartments
601 Poplar Street
Sharon Hill, PA 19079
1965
Glencroft Club Apartments
132 Folcroft Avenue
Folcroft, PA 19032
1967
Folcroft Court Apartments
1503-1513 Elmwood Avenue
Folcroft, PA 19032
N/A
Units
124
74
28
Occup.
95%
93%
N/A
Studio
$635
1Bdr 1Ba
$815
2Bdr 1Ba
Studio
1Bdr 1Ba
$925
$685
$865
2Bdr 1Ba
$975
2Bdr 2Ba
$1,050
1 Bdr 1 Ba
$565
Electric
Heat
Hot Water
Cold Water
& Sewer
Tenant
Owner
Owner
Owner
Tenant
Owner
Owner
Owner
Tenant
Owner
Owner
Owner
28
Delaware County - Pennsylvania
Named for the Delaware River, Delaware County is one of 67 counties
in Pennsylvania. “Delco” is the 5th most-populous County in Pennsylvania, with a median household income higher than the median in the
Philadelphia-Camden-Wilmington Metropolitan Statistical Area, the
state of Pennsylvania, and the Continental United States. A fast-growing
county located just southwest of the city of Philadelphia, the county
has 49 unique municipalities with a total population of 558,979 (2010
census). The county is home to 11 colleges and universities including
Villanova University, Haverford College and Penn State Brandywine
Campus. With Media as its county seat, Delaware County consists of
communities adjacent to the city-county of Philadelphia, and is included in the Philadelphia-Camden-Wilmington, PANJ-DE-MD Metropolitan Statistical Area, as well as the much larger Philadelphia-Reading-Camden, PA-NJ-DE-MD
Combined Statistical Area. Socioeconomically, Delaware County consists of mostly middle and upper-middle class
communities with some working class and upper class neighborhoods. The County enjoys a diverse industry mix, highperforming schools, and a highly educated workforce.
 Transportation
Delaware County is bisected north to south by Blue Route (Interstate 476)
which connects Interstate-76 in the extreme northern corner of the county to
Interstate-95, which parallels the Delaware River along the southeastern edge
of the county. Delaware County is home to SEPTA's 69th Street Terminal in
Upper Darby, and is served by the Norristown High Speed Line, two Red
Arrow trolley lines (Routes 101 and 102), four Regional Rail Lines (the Airport Line, Wilmington/Newark Line, Media/Elwyn Line, and Paoli/
Thorndale Line), and a host of bus routes. The western portion of Philadelphia International Airport is located in Delaware County, and the county hosts
some airport-related commerce such as Philadelphia's UPS terminal and airport hotels. Other major roads and highways include US Routes 1, 13, 20, 202, and 322, as well as PA Routes 3, 252, 352, 452, 320, 420, 261, 291 and 491.
 Geography
Delaware County is roughly diamond- or kite-shaped, with the four sides formed by the Chester County boundary to
the northwest, the boundary with the state of Delaware (a portion of the "Twelve Mile Circle") to the southwest, the
Delaware River (forming the border with the state of New Jersey to the southeast, and the city of Philadelphia and
Montgomery County to the east and northeast. The county has a total area of 191 square miles.
 Demographics
As of 2010, the total Delaware County population was at 558,979, which had grown 1.47% since 2000. The median
household income within the County was at $64,242 in 2008-2012 and had grown by 28.25% since 2000. The income growth rate was higher than the national average rate of 26.32%. The County’s median house value was at
$236,600 in 2008-2012 and had grown by 83.70% since 2000. The house value growth rate is higher than the state
average rate of 70.00% and is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%.
29
Location Overview
30
 Education
According to residence, children within the county are served by: Chester Upland School District;
Chichester School District; Garnet Valley School District; Haverford Township School District;
Interboro School District; Marple Newtown School District; Penn-Delco School District; Radnor
Township School District; Ridley School District; Rose Tree Media School District; Southeast
Delco School District; Springfield School District; Upper Darby School District; UnionvilleChadds Ford School District; Wallingford-Swarthmore School District; West Chester Area
School District; William Penn School District; or the Delaware County Technical High School,
Aston. In addition, there are three charter schools that are located within the attendance borders
of the Chester Upland School District; however, these schools may accept students from neighboring school districts. Further, there are a number of private schools available to children
throughout the county. Colleges and University located within Delaware County include: Cabrini
College; Cheyney University; Eastern University; Delaware County Community College
(locations in Marple Township, Upper Darby and Sharon Hill); Haverford College; Neumann
University; Pendle Hill Quaker Center for Study and Contemplation; Pennsylvania Institute of
Technology; Penn State Brandywine; Rosemont College; Swarthmore College; Villanova University; Widener University and Williamson Free School of Mechanical Trades.
 Recreation & Sports
There is one Pennsylvania state park in Delaware County, Ridley Creek State Park. Other county parks include: Clayton
Park & Golf Course; Glen Providence Park; Kent Park/Dog Park; Rose Tree Park; Smedley Park and Upland Park. The
city of Chester is home to the Philadelphia Union of Major League Soccer. The team plays at PPL Park, a venue located at
the base of the Commodore Barry Bridge. Delaware County is the home of one of oldest baseball leagues in the country,
the Delco League, which at one time was known for featuring future, former, and even current major league players who
were offered more money than their current teams would pay them. Every summer, Delaware County is home to the
Delco Pro-Am, a basketball league consisting of cur r ent, futur e, and for mer NBA player s as well as local standout
players. Delaware County is also the home of a rugby league team called the Aston Bulls, a member of the American National Rugby League.
31
TOP EMPLOYERS IN DELAWARE COUNTY
1
THE BOEING COMPANY
2
CROZER-CHESTER MEDICAL CENTER
3
DELAWARE COUNTY
4
VILLANOVA UNIVERSITY
5
AMERIHEALTH MERCY SERVICES LLC
6
UNITED PARCEL SERVICE INC
7
FEDERAL GOVERNMENT
8
SAP OF AMERICA INC
9
ELWYN
10
WAWA INC
11
UPPER DARBY SCHOOL DISTRICT
12
GIANT FOOD STORES LLC
13
HARRAHS CHESTER DOWNS MANAGEMENT CO
14
MERCY CATHOLIC MEDICAL CENTER
15
STATE FARM MUTUAL AUTOMOBILE INS CO
16
DELAWARE COUNTY MEMORIAL HOSPITAL
17
WIDENER UNIVERSITY
18
ACME MARKETS INC
19
STATE GOVERNMENT
20
RIDDLE MEMORIAL HOSPITAL
21
DELAWARE COUNTY COMMUNITY COLLEGE
22
SWARTHMORE COLLEGE
23
SCHOOL DIST OF HAVERFORD TOWNSHIP
24
WAL-MART ASSOCIATES INC
25
GARNET VALLEY SCHOOL DISTRICT
32
In the News
Delaware County Council Chairman Tom McGarrigle has noted that “economic success stories throughout the county
and economic partnerships that benefit county schools and children”. McGarrigle stated that the State of the County is
resilient, robust and positioned for future success.
The number of people employed in Delaware County has steadily increased over the past three years. According to the
Dept. of Labor and Industry, from 2011-to January 2014, there has been an increase of 6,100 people in the county workforce. “Bringing new jobs to the county and sustaining the jobs we have is a key priority for County Council,” he said.
McGarrigle cited a recent Franklin & Marshall College poll that states that the two most important things to Pennsylvanians are education and the economy.
When it comes to the economy and jobs, Delaware County was named a powerhouse in job growth in Pennsylvania in
2013. The Keystone Research Center said that Delaware County ranks as one of the fastest-growing county in the state in
job growth.
One of Delaware County’s greatest assets is its access to all forms of transportation, including the airport, regional rail,
buses and trolleys, Delaware River ports and the Interstate-95 corridor. The State’s transportation funding bill calls for
many improvements including:
 PennDOT will be spending $43.5 million in Delaware County on our roads and bridges, including the expan-
sion of the Route 252-Rose Tree Road intersection in Upper Providence.
 SEPTA will be spending $171.5 million on improvements to the Media Elwyn Regional Rail Line, the 69th
Street Transportation Center, the Media Sharon Hill trolley line and the overall public transit system. These
improvements generate jobs and enhance business.
 The Eddystone Rail Project that will transport Bakken crude to shipping ports on the
Delaware River is a huge opportunity for Delaware County and there are already
hundreds of workers transforming the rail/port facility. At the same time, the County’s emergency officials are working to ensure that this operation is as safe as possible for our communities. The Eddystone Rail Project and companies like Monroe
Energy in Trainer and Exelon in Eddystone have put Delaware County at the leading
edge of the energy industry. Delaware County is front and center for initiatives that
delve into new areas of energy that will be cleaner, more efficient and reduce our
demand on foreign sources.
Courtesy of Media Patch (http://patch.com/Pennsylvania/media/2014-state-of-delaware-county)
33
Kenneth Wellar
Tel: 215.454.2879
[email protected]
Corey Lonberger
Tel: 215.454.2878
[email protected]
Mark Duszak
Tel: 215.454.2884
[email protected]
Luke DeLuca
Tel: 716.510.3715
[email protected]
Chris Egan
Tel: 215.454.2913
[email protected]
Doug Emrich
Tel: 215.454.2889
[email protected]
David Greenhalgh
Tel: 215.454.2887
[email protected]
Robert Marzullo
Tel: 215.454.2921
[email protected]
Steve Miceli
Tel: 215.454.2916
[email protected]
Vincent Tagliente
Tel: 215.454.2920
[email protected]
Philadelphia Office
1628 John F. Kennedy Blvd.
Eight Penn Center, Second Floor
Philadelphia, PA 19103
Tel: 215.454.2852
New York Office
200 West 57th Street
Suite 702
New York, NY 10019
Tel: 212.765.7900
Delaware Office
102 Larch Circle
Suite 102
Newport, DE 19804
Tel: 302.994.3907
www.RittenhouseRealty.com | [email protected]

MULTIFAMILY PORTFOLIO 3 Properties | 15 Units Delaware County

Transcription

Similar documents

Portrait of Estuary ARTWORK_OUTSIDE_F3

Pencader Corporate Center

MEDIA KIT ~ DeDivahDeals

Congratulations, Tinesha and Joel! Movie Night Short

Vormax Promo Flyer - Worly Plumbing Supply

Scioto River Farm - Home on 25 Acres in Delaware County

Thursday April 26 Meek Mill

Listen for 3 to 5 minute siren

4500000 - Charles Dunn Company

Subway Directions to Medgar Evers College Mathematics Department