14C — August 20 - September 16, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Radnor Prop. Group opens Phase II of The Hamilton
EWARK, NJ — Mar- cus & Millichap an- nounced the sale of New Jersey office list property on behalf of the seller Marcus & Millichap inks sale of a 12-unit apartment N
150-152 Broad St., a 12-unit apartment property located in Newark, according to James McGuckin , regional manager of the firm’s New Jersey of - fice. The asset sold for $1.735 million. Richard Gatto, Fahri Oz- turk, and Jed Matricaria investment sales specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. They also brought the buyer, a private investor. “This was a nice, bite size deal that offered a quality, stabilized oppor - tunity,” Matricaria reflected. “We fielded multiple offers on the property which allowed us to leverage our team’s process to get this deal across the fin - ish line,” Gatto said. 150 Broad St. had upgraded units and common areas and
Phase II of The Hamilton
to detail, accessible outdoor space, pet-friendly amenities, and touchless technology, all of which The Phase II tower delivers. The Phase II tower stands at 17 stories, seven stories taller than the Phase I tower, and features incredible views of the city skyline. Atop the building, residents will have access to an expansive roof deck with grills, TVs and a sundeck, perfect for relaxing or entertaining. On the ground level, a private landscaped courtyard, perfect for intimate and festive gath- erings, includes fire pits, and gas grills. The new tower also features amenities including a dog wash, sports simulator, a high-tech fitness facility with rooms outfit for yoga and cross fit, a club lounge with a fully equipped kitchen and fireplace, billiard and game room, confer- ence rooms, think spaces, a cof- fee bar, green roofs, and secure underground parking. The nearly 300 residences in The Hamilton Phase II tower range from 330 s/f studio apart- ments to 1,230 s/f two-bedroom units with a terrace. As a direct result of the demand experienced in the lease-up of the Phase I tower, the Phase II tower will feature an increased number of two-bedroom apart- ments – the most popular layout among renters at The Hamilton. “Radnor has a long history of developing apart- ments in Philadelphia and throughout the MidAtlantic Region, we are excited to con - tinue to refine our Smart A product to meet the expecta- tions of our residents from both a quality and price point” said Yeager. The opening of the Phase II tower will officially mark the completion of Phases I and II of The Hamilton, which first broke ground in September 2017. MAREJ
PHILADELPHIA, PA — Radnor Property Group announced the completion and opening of Phase II of The Hamilton, the mixed-use urban development, located at 15th and Hamilton Streets, on the site of the former Philadelphia Inquirer paper transfer facil - ity and Baldwin Locomotive Works. The completion of the 228,000 s/f Phase II tower of The Ham- ilton introduces 297 high qual - ity class A, market-rate apart- ments designed to cater to the area’s young professional seg- ment and educational centers. Following the great reception and major successes of leas- ing Phase I, Radnor Property Group broke ground on Phase II of this expansive project in January of 2020, ahead of original projections. “We saw unprecedented suc- cess in the lease up of Phase I of The Hamilton, and we were very excited to commence Phase II. While the pandem- ic certainly introduced chal- lenges, we were able to forge ahead and deliver Phase II on schedule,” said David Yeager , CEO and managing partner of Radnor Property Group. “As we open the doors of the Phase II tower, in tandemwith the City of Philadelphia reopening, we are seeing a surge of leasing activity mirroring the success we experienced with Phase I. This has been such an exciting and iconic project that we were proud to develop alongside our land partners at Community College of Philadelphia. We’re thrilled to mark its completion and deliver a desirable living community to so many Phila- delphians.” Following 2020, the spaces people call home have a new- found importance and there remains a continued apprecia- tion for thoughtfully designed interiors with careful attention
150-152 Broad St.
no deferred maintenance. The building has a unit mix of one, two, and three-bedroom apart- ments. The property is located two miles from Newark Penn Station, a major transportation hub, offering a 20-minute door- to-door commute to New York Penn Station. It also stands one mile from the Broad Street
Station and 11 miles fromNYC. Additionally, 150-152 Broad St. has access to Interstate-78 and Rtes. 1&9, Rte. 21 and the Garden State Pkwy. The prop- erty is close to Branch Brook Park and one of Newark’s most recognizable landmarks, the Cathedral Basilica of the Sacred Heart. MAREJ
Lawson awarded Low Income Housing Tax Credits for Lynchburgmultifamily development
LYNCHBURG, VA — Vir - ginia Beach developer Lawson has been awarded Low Income
Housing Tax Cr e d i t s i n the Virginia Housing 9% competitive LIHTC round for the devel- o pme n t o f phase two of Miller’s Rest
Carl Hardee
Apartments in Lynchburg. The development placed first in the Balance of State LIHTC Pool. Miller’s Rest Phase II creates 40 affordable apartments for Lynchburg families earning less than 60% AMI. Five units meet Uniform Federal Accessibility Standards (UFAS) for residents with qualifying disabilities, 10 units meet Universal Design (UD) standards, and the de - velopment has been awarded 5 Project Based Vouchers (PBV) by Lynchburg Redevelopment and Housing Authority. Miller’s Rest is an energy-effi - cient EarthCraft Gold certified community featuring ameni- ties comparable to market-rate apartments including modern kitchens and bathrooms with granite countertops in all units, access to a state-of-the-art fit - ness center, community club- house with free wi-fi, handicap accessible play area, security
Miller’s Rest Apartments in Lynchburg
cameras and controlled access, and bicycle storage. Lawson expects to welcome residents to Miller’s Rest Phase II in the first quarter of 2023. The first phase of Miller’s Rest includes 80 affordable apartments with 10 units meet- ing UFAS Standards, 20 units meeting UD standards, and eight PBVs. Lawson president and CEO, Carl Hardee said, “Lawson is 100% focused on providing the highest quality affordable housing to VA families. With Miller’s Rest we’re excited to put our decades of experience in the industry to work in Lynchburg.” The Virginia Beach developer also closed on a 21-acre parcel of land located on Annapolis
Way in Woodbridge, and will build 342 affordable multifam- ily apartments on the site. Lawson was able to utilize tax-exempt bonds and 4% tax credits to help fund the devel- opment, called The Landing at Mason’s Bridge. The Landing at Mason’s Bridge includes 8 resi - dential buildings with a total of 342 affordable apartments serving families earning 60% AMI (Area Median Income) or below. The unit mix consists of 56 one-bedroom, one-bathroom, 159 two-bedroom, two-bath- room, and 127 three-bedroom, two-bathroom apartments. Eighteen units are Uniform Federal Accessibility Standard (UFAS) Section-504 compliant units for residents with qualify - ing disabilities. MAREJ
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