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The Main Line is a group of suburbs located west of Philadelphia along Lancaster Avenue (U.S. Route 30) that takes its name from the historic Pennsylvania Railroad’s Main Line. The railroad connected Philadelphia to its wealthiest suburbs and then continued on to Harrisburg and eventually Pittsburgh. Extending from Bala Cynwyd to Malvern, The Main is often geographically divided into Lower and Upper Main Line. Lower Main Line stretches from Bala Cynwyd up to Bryn Mawr while Upper Main Line extends from Villanova to Malvern at the confluence of Pennsylvania’s Montgomery, Chester, and Delaware counties. Today, Upper Main Line boasts top tier universities, excellent public and private schools, and nationally and globally recognized businesses.
Area major institutions include Main Line Health, a regional multi-specialty physician group with over 10,000 employees and 2,000 physicians. This health system contains four acute care hospitals, one treatment center for drug and alcohol recovery, and one home health service center. Other major Main Line employers and businesses include Lincoln National Corporation, a Fortune 500 company who operates several insurance and interment management businesses and Vanguard Group, an investment management company that is the largest provider of mutual funds.
Upper Main Line hosts numerous nationally ranked public and private schools, as well as several prestigious universities including Rosemont College, Villanova University, Eastern University, Cabrini College, and Valley Forge Military Academy. Villanova University athletic teams are known as the Wildcats, a member of the NCAA Division I, competing in the Big East Conference. In 2016, Villanova’s basketball team won the NCAA Division I championship.
The featured properties in this month’s rent survey represent six communities in the Upper Main Line from Wayne to Malvern built between 1927 and 2014. Average occupancy rates for these communities range from 88% to 97%. Average rental rates per square foot range from $1.30 to $2.64, with average unit sizes ranging from 422 to 1,496 square feet. Common area amenities include an on-site laundry facility, fitness center, tennis court, playground, swimming pool, and barbeque and fire pit. Unit amenities feature hardwood flooring for private balconies/patios, an in-unit washer/dryer, and fireplace. Residents pay an application fee ranging from $45 to $60 and post security deposits from $250 to $500. Pets are allowed in the communities with some breed restrictions; residents pay pet deposits of $200 to $500, and a monthly pet rent of $20 to $50.
Spotlight on Upper Main Line, Pennsylvania | Multifamily April 2016
The report below features a sampling of properties sold within the last six months in Pennsylvania. 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.
Spotlight | Sales Comparables April 2016
THE REGENCY2049 Brown Avenue Bensalem, PA 19020
HENRY ON THE PARK7901 Henry Avenue Philadelphia, PA 19128
STATION SQUARE APARTMENTS100 Reading Circle Lansdale, PA 19446
CITY VIEW APARTMENTS114 E Lemon St Lancaster, PA 17602
THE GRAND CHERRY HILL APARTMENT HOMES1900–1920 Frontage Road Cherry Hill, NJ 08034
SUSQUEHANNA SUMMIT3941 Birchwood Circle Harrisburg, PA 17110
Close Date: November 2015
Units: 52
Year Built: 1963
Price: $5,000,000
Price/Unit: $96,154
Price/SF: $125.00
Seller: Tripoint Properties Inc.
Buyer: Private Owner
Close Date: December 2015Units: 57Year Built: 2008
Price: $11,250,000
Price/Unit: $197,368
Price/SF: $139.90
Seller:Classic Communities Corporation
Buyer:Metropolitan Management Group
Close Date: November 2015Units: 430Year Built: 1965Price: $70,000,000Price/Unit: $162,791Price/SF: $114.94Seller: Berkshire GroupBuyer: Morgan Properties
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
TRANSACTION TEAM
Caleb BrownSenior Investment Associate
Yassi FarzanehProduction Director
Kelsey BrendelSenior Designer
CAPITAL MARKETS
Mark BittenbenderDirector
Brittany WismerSenior Finance Associate
Matt SchwartzCEO
Fanyu GuoAnalyst
Pauline LefebvreProduction Associate
Ari FiroozabadiPresident
Service. Success. Perfected.
2 Bala Plaza, Suite 300Bala Cynwyd, PA, 19004 P. 215.437.0720 [email protected]
NORTH PENN FLATS236 S. 3RD STREETNORTH WALES, PENNSYLVANIAREQUEST FOR OFFERS
INVESTMENT HIGHLIGHTS
• Significant Value-Add Opportunity from current vacancy and under market rents, allowing new ownership to increase rents and renovating units upon turnover.
• Surrounded by local attractions and major employers including public, private, and healthcare employers.
LOCATION HIGHLIGHTS
• Direct transit access to Philadelphia’s Center City and University City via SEPTA’s North Wales Station on the Lansdale/Doylestown Regional Rail Line.
• Major thoroughfares include Interstate 476, PA 309, and U.S. 202, giving motorists access to Doylestown, Lehigh Valley, and the Greater Philadelphia Metropolitan Area.
• Three miles from Montgomery Mall, which features over 110 stores with multiple anchors including department stores JCPenney and Macys.
Spotlight | Exclusive Offering April 2016
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