Service. Success. Perfected. Spotlight on Abington/Jenkintown, Pennsylvania | Multifamily September 2016 Abington Art Center Abington Township, spanning 15.5 square miles, dates back to 18th century Wycote train station and Roslyn station are serviced by SEPTA’s Warminster, West and is one the oldest communities in Montgomery County, PA with historic Trenton, Airport, and Landsdale/Doylestown lines. transportation routes, industries, and churches. A northern suburb of Philadelphia, The featured properties in this month’s rent survey represent six communities in Abington Township is comprised of 15 communities including Abington, Ardsley, Abington/Jenkintown built between 1938 and 1990. Average occupancy rates Crestmont, Elkins Park, Fitzwatertown, Glenside, Hollywood, Huntington Valley, for these communities range from 94% to 100%. Average rental rates per square McKinley, Meadowbrook, Noble, North Hills, Roslyn, Roychester, Rydal, and foot range from $1.03 to $1.68, with average unit sizes ranging from 646 to 1,000 Willow Grove. Abington Township’s population totaled 55,310 according to the square feet. Common area amenities include on-site laundry facilities, fitness 2010 census, making it the second largest township in Montgomery County. The centers, courtyards, swimming pools, and business centers. Unit amenities feature township boasts some of the best schools in suburban Philadelphia, and in 2011, hardwood flooring or wall-to-wall carpeting, ceiling fans, walk-in closets, and the Abington school district received the prestigious College Board AP District of fireplaces in select properties. Residents pay an application fee ranging from $25 the Year award. to $75 and post security deposits from $500 to one month’s rent. Pets are allowed Jenkintown is located approximately 10 miles north of downtown Philadelphia, in the majority of communities with some breed restrictions; residents pay pet adjacent to Abington Township. The town, originally settled in 1697, totals 0.6 deposits of $250 and pet rents ranging from $25 to $50 per month. Residents square miles and is home to nearly 4,500 residents. Jenkintown is separated are responsible for electric in the majority of the communities and landlords are along Old York Road, which comprises the commercial heart of the borough. generally responsible for water and sewer, trash removal, and in some cases, fuel/ The name “Jenkintown” is also used to colloquially to describe the surrounding gas expenses. boroughs of Rydal, Jenkintown Manor and Noble, which are technically within Abington Township. Today, Abington is home to Willow Grove Park Mall, numerous local small businesses, and some of the county’s largest employers including Abington Memorial Hospital, the flagship hospital of Abington-Jefferson Health that employers upwards of 5,000. Additionally, nearby Fort Washington contains McNeil Consumer Healthcare, a subsidiary of Johnson & Johnson that developed Tylenol in the early 1950s, and the Fort Washington Office Park, which is home to over 100 companies and 6 million square feet of office space. Area attractions include the Abington Art Center, home to innovative contemporary art spaces and a nationally-recognized sculpture garden; the historic Hiway Movie Theater, which features a nightly mix of new releases and classic films; the Jenkins Town Lyceum, which was designated as a National Historic Place and has served as the Jenkintown Library since 1976; and the Keswick Theater, a vibrant, 83-year-old live music space ranked by Pollstar as a Top 50 U.S. music venue. The Abington/Jenkintown area has convenient access to numerous areas within Keswick Movie Theater the City of Philadelphia and its surrounding suburban areas, as the Jenkintown- © 2016 The Greysteel Company LLC. All rights reserved. Spotlight | Rent Comparables September 2016 JENKINTOWN GARDENS JERICHO MANOR 155 Washington Lane 841 Highland Avenue Jenkintown, PA 19046 Jenkintown, PA 19046 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT EFF 500 $775 1 BDR/1 BA 631 $1,100 1 BDR/1 BA 600 $900 2 BDR/1 BA 835 $1,345 2 BDR/1 BA 700 $1,000 2 BDR/2 BA/Townhome 1,313 $1,645 • Residents pay a $25 application fee 3 BDR/1 BA 1,535 $1,895 • Additional fees include a non-refundable pet • Residents pay a $40 application fee deposit of $250 • Additional fees include a non-refundable pet • Residents pay for electric; property pays for gas, deposit of $250 and pet rent of $25. water, and trash removal • Residents pay for electric; property pays for gas, • Common area amenities include on-site laundry No. Units 83 No. Units 136 water, and trash removal. facilities and a courtyard • Common area amenities include on-site Occupancy 94% Occupancy 98% • Unit amenities include dual-pane glass, a walk-in laundry facilities Year Built 1949 closet, steel appliances, and hardwood floors Year Built 1938 • Unit amenities include a fireplace, hardwood floors, Managed by National Managed by Halfpenny vaulted/high ceilings, and a walk-in closet Management Management Consultant BROOKVIEW AT ELKINS PARK LAVEROCK PLACE 1235 Ashblourne Road 1000 Ivy Hill Road Elkins Park, PA 19027 Philadelphia, PA 19150 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 724 $1,225 1 BDR/1.5 BA 850 $1,000 2 BDR/1 BA 840 $1,468 2 BDR/2 BA 1,200 $1,235 2 BDR/2 BA 1,008 $1,683 • Residents pay a $25 application fee 3 BDR/2 BA 1,148 $1,853 • Residents pay for electric; property pays for water and trash removal • Residents pay a $75 application fee, a $500 security • Common area amenities include on-site laundry deposit, and a $350 amenity fee facilities and controlled access • Additional fees include a pet rent of $50 • Unit amenities include wall-to-wall carpeting, ceiling • Residents pay for electric; property pays for water fans, and a walk-in closet No. Units 217 and trash removal No. Units 66 • Common area amenities include a business center, Occupancy 97% Occupancy 100% clubhouse, fitness center, and swimming pool Year Built 1968 Year Built 1990 • Unit amenities include a washer/dryer, fireplace, Managed by Eagle Rock vaulted/high ceilings, and ceiling fans Managed by Chelsea Management Management MADISON MANOR WYNCOTE HOUSE 1875 Jenkintown Road 25 Washington Lane Jenkintown, PA 19046 Wyncote, PA 19095 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 750 $840 1 BDR/1 BA 809 $1,150 2 BDR/1 BA 1,000 $975 2 BDR/1.5 BA 1,155 $1,650 • Residents pay for gas and electric; property pays for 3 BDR/2 BA 1,337 $1,900 water and trash removal • Residents pay a one month’s rent security deposit • Common area amenities include on-site • Residents pay for gas and electric; property pays laundry facilities for water and trash removal • Unit amenities include window coverings and a • Common area amenities include a fitness center, walk-in closet business center, on-site laundry facilities, and a clubhouse No. Units 80 No. Units 304 • Unit amenities include wall-to-wall carpeting, Occupancy 96% Occupancy 96% oversized closets, and hardwood floors Year Built 1961 Year Built 1963 Managed by Private Owner Managed by Kravitz Properties © 2016 The Greysteel Company LLC. All rights reserved. Spotlight | Sales Comparables September 2016 The report below features a sampling of properties sold within the last four 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. CENTER CITY PORTFOLIO 4128 CHESTER 126 S. 22nd Street; 4128 Chester Avenue 914, 1328–1336 Pine Street; Philadelphia, PA 19104 2205, 2213 Walnut Street; Philadelphia, PA 19107; 19146; 19103 Close Date: 8/30/16 Units: 6 Close Date: 9/16/16 Year Built: 2016 Units: 72 Price: $1,600,000 Year Built: N/A Price/Unit: $266,667 Price: $4,700,000 Price/SF: $236.30 Price/Unit: $65,278 Seller: Ly Rouse LP Price/SF: $86.35 Buyer: Chester 4128 LLC Seller: New Hope Real Estate Buyer: AMC Delancy Group CLIVEDEN APARTMENTS THE POINTE AT RIVER GLEN 45–49 E. Cliveden Street 4107 Diamond Place Philadelphia, PA 19119 Royersford, PA 19468 Close Date: 8/30/2016 Close Date: 7/25/16 Units: 40 Units: 216 Year Built: 1925 Year Built: 2009 Price: $2,900,000 Price: $37,500,000 Price/Unit: $72,500 Price/Unit: $173,611 Price/SF: $110.81 Price/SF: $130.59 Seller: 45 East Clivden Partners LP Seller: BlackRock Buyer: 45 Cliveden LLC Buyer: The Silverman Group PRIMAVERA SQUARE HAMPTON MANOR APARTMENTS 717 Station Avenue 1311 Woodlane Road Bensalem, PA 19020 Eastampton, NJ 08060 Close Date: 7/19/2016 Close Date: 6/29/2016 Units: 119 Units: 21 Year Built: 1973 Year Built: 1965 Price: $4,266,055 Price: $1,250,000 Price/Unit: $35,849 Price/Unit: $59,524 Price/SF: $38.54 Price/SF: $95.85 Seller: Cornwells Station Apartments Seller: Sitar Company Buyer: Primavera Square Apartments Buyer: 1311 Woodland LLC © 2016 The Greysteel Company LLC. All rights reserved. Spotlight | Closed September 2016 CLIVEDEN APARTMENTS 45–49 E. CLIVEDEN STREET PHILADELPHIA, PENNSYLVANIA CLOSED © 2016 The Greysteel Company LLC. All rights reserved. inve 2 Bala Plaza, Suite 300 Bala Cynwyd, PA, 19004 P. 215.437.0720 PA License No: RB068196 SALES Caleb Brown Younis Shuaib Senior Investment Associate Investment Associate [email protected] [email protected] P. 215.437.0721 P. 215.618.2088 FINANCE Brittany Wismer Senior Finance Associate [email protected] P. 202.280.2826 DEBT & STRUCTURED FINANCE TRANSACTION SERVICES Brendan Scanlon Ari Firoozabadi* Duerk Brewer Yassi Farzaneh Andy Stief Senior Director Co-Founder Managing Director Production Director Marketing Director Mark Bittenbender Philip Tilly Pauline Lefebvre Kelsey Brendel Director Senior Analyst Production Associate Senior Designer *For more information or to inquire about Greysteel, please contact Ari Firoozabadi, Co-Founder ([email protected] | 202.417.3873) Los Angeles Washington, D.C.** Baltimore Philadelphia Dallas Fort Worth Norfolk **Corporate Headquarters and Transaction Services Center © 2016 Greysteel California, Inc.