4B — February 26 - March 10, 2016 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers 96-unit garden townhome community in Prospect Park, PA

Friedman Realty Group unveils ongoing renovations at The Preserve at Darby Creek

ROSPECT PARK, PA — The Preserve at Darby Creek, a 96-unit garden townhome community consisting of 88 two-bedroom, one-and-a-half bath town- homes; and eight two-bedroom, one bath apartments is in the process of a major renovation that its new owners, The Pre- serve at Darby Creek, LP, an affiliate of Friedman Realty Group, Inc. (FRG) , say will make it one of the area’s most sought-after residences. The renovations include the installation of modernized kitchens and many new ap- pliances with dishwashers P

and built-in microwaves, new energy-efficient windows and interior and exterior doors, full-size washers and dryers, bathrooms with new ceramic walls, refinishing of hardwood floors and major exterior im- provements, including repaved parking lots, replacement of worn concrete walkways, ex- terior lighting and upgraded landscaping to name a few. Built in the early to mid- 1970s, the property formerly known as Colonial Park West had been showing its age, said Brian Friedman, CPM , owner and president of FRG, a real estate investment firm

specializing in the acquisition and management of apartment communities, retail shopping centers, and professional office buildings. “We were very excited at the opportunity this property presented,” said Friedman. “So much so, that we were able to fast-track the due diligence and come to closing in only 32 days.” “These townhomes are a step beyond the typical apartments that you’ll find throughout the surrounding area – these are real homes,” said David Fried- man, CPM and owner and vice president of FRG. “Inside many of the townhouses you’ll find brick fireplaces, hardwood floors, full-sized washers and dryers, and two bedrooms plus a two level living space. In this day and age it’s very hard to find all those attributes in one location.” “We are very excited that Friedman Realty is moving ahead so quickly with their renovation plans,” said Pros- pect Park Mayor Jeff Harris. “This is a very significant resi- dential center for the Borough of Prospect Park. We’re very happy to see this progress take place. It’s a great thing for the borough and we hope it will at- tract new families and add to the vibrancy of the community.” All told, the Preserve at Darby Creek consists of 14 two- story brick on block buildings with pitched roofs constructed on an 8-acre parcel. The Prop- erty also provides ample off- street parking. The Preserve at Darby Creek is located adjacent to Rte. 420 and approximately 0.3 miles from I-95. The property is located within the Interboro School District, in close proxim- ity to the John Heinz National Wildlife Refuge. FRG and its affiliates own and manage approximately 35 properties in the Philadelphia and South Jersey markets, of which 15 apartment communi- ties are located in Delaware County. In addition to The Preserve at Darby Creek, FRG in September 2015 purchased a 128-unit garden commu- nity, known as “Village Square Apartments” in Harleysville, located in Lower Salford Town- ship, Montgomery County. FRG also is undertaking extensive renovations of that property, which includes 64 one-bedroom/ one-bath apartments, 64 two- bedroom/one-bath apartments, and a class A clubhouse con- structed on a 12-acre parcel. n

Upgrades being made to The Preserve at Darby Creek include new energy-efficient windows and interior and exterior doors, and major exterior improvements, including repaved parking lots, replacement of worn concrete walkways, exterior lighting and upgraded landscaping.

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