Living / Multi-housing

The Cynwyd Apartments

130 Monument Rd Bala Cynwyd, Pennsylvania United States 19004
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 2021
Building Area Net
Land Area Net ()
Rentable Area
Number of units 205
Occupancy 82.0 %

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Cynwyd (the “Property”), a 205-unit, mid-rise apartment complex located in Bala Cynwyd, Pennsylvania.


Completed in 2021, The Cynwyd is currently 86% leased and approaching stabilization. Over the two months of June and July 2022, The Cynwyd accomplished 50 move-ins, enabling investors to acquire a high-profile asset with excellent leasing momentum. Further, the Property has achieved an average rent of $3.21 PSF over the last 20 leases, which exceeds the current in-place rent by nearly 7.5%. The property-level performance is supported by market leading unit finishes, an extensive amenity package, and a timeless suburban Philadelphia location in Lower Merion. Together, these amenities will allow subsequent ownership to capitalize on loss-to-lease recapture and benefit from the submarket’s consistent rent growth performance. 

Investment highlights

MODERN LUXURY SUBURBAN LIVING

  • The construction of The Cynwyd commenced in 2019 and was completed in 4Q 2021. Meticulously planned and detail oriented, The Cynwyd offers a modern, refreshing design with thoughtfully arranged floorplans that include studios, one-bedroom, and two-bedroom units. The Property embodies a bespoke design philosophy that seamlessly blends modern style with a dignified form and function that fosters long-lasting value for years to come. 

COMPELLING RENTAL UPSIDE OPPORTUNITY

  • Recently, net effective rents on the last 20 leases have averaged $3.21 PSF, exceeding the Property’s in-place rents by nearly 7.5%. The strong leasing momentum will enable subsequent ownership to increase rents upon turnover and renewal. Additionally, according to RealPage Inc., the Norristown / Upper Merion / Lower Merion submarket has achieved annual rent growth of 11.4% as of 2Q 2022.

HIGH BARRIER TO ENTRY MARKET 

  • The Cynwyd represents a rare opportunity to acquire an elegantly designed and professionally developed investment opportunity with little competing product in the future development pipeline. As this submarket continues to stabilize, the future upside potential is further enhanced by the lack of new development planned, and difficulties that accompany development in Lower Merion Township. 
Last Updated Date: 19 Sep 2022

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Last Updated Date: 19 Sep 2022

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