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|Number of units||205|
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.
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.