M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 2023 — 17A
www.marej.com
O wners , D evelopers & M anagers
Investor/operator’s first acquisition in the Philadelphia metro area Waterton enters Philadelphia Market with acquisition of 230-unit The Point At Glen Mills
HILADELPHIA, PA — Waterton announced it has acquired The Point at Glen Mills (The Point) in Glen Mills, PA marking its first acquisition in the Philadelphia metro. Located in the Brandy- wine Valley area, 30 minutes from Philadelphia (and about an hour from Wilmington, DE), the 13.6 acre rental com- munity boasts convenient con- nectivity to several employment centers across the region. The Point consists of five four-story mid-rise buildings – including nearly 10,000 s/f of amenities -- and Waterton will rebrand the property as Heights at Glen Mills and execute a light value add renovation includ- ing updates to residences and common areas. “We saw The Point as an ex- cellent opportunity to expand our East Coast footprint,” said Jeremy Stern , vice president, acquisitions at Waterton. “We believe the location, in terms of proximity to employment and access to the Garnet Valley School District, made The Point an attractive addition to our portfolio, while the large, open floor plans provide attainable access to rental housing relative to the cost of homeownership.” The community offers a mix of one- and two- bedroom apart- ments homes with Juliet balco- nies and a den or loft in select residences. The expansive ame- nity set includes nearly 10,000 s/f of space in a two-story club- house that includes a well-ap- pointed leasing center, resident workspace, conference facility, lounge, catering kitchen and a large fitness center with a yoga studio. The property also includes 56 attached and 46 detached garage options. The physical condition of the property provides opportunity for Waterton to execute a light value add program focused mainly on simple updates to res- idences and broader upgrades to common areas, mechanical systems and exterior features. The residences offer floorplans that are larger than average in this market. The floorplans in - clude new construction-quality finishes and Waterton will add mobile kitchen islands to those residences not already equipped with the added counter space, faux wood blinds and a tech package. Common areas, in- cluding a new pickleball court, will also be updated with mod- ern furniture and finishes while P
the well-appointed workspace will be refreshed to accommo- date remote work trends. Built in 2016 and proxi- mate to job centers along the Rte 202 corridor as well as downtown Philadelphia and Wilmington, DE, The Point is located in the Garnet Valley School District, consistently ranked in the top five percent of districts in Pennsylvania. The location boasts convenient access to major employers such as QVC, Vanguard, Wawa, JP Morgan, Children’s Hospital of Philadelphia and Boeing.
Residents at The Point also benefit from more than one million s/f of retail and enter- tainment options just minutes from the property including Whole Foods, Wegmans and Target in addition to numerous restaurants, green spaces and private golf courses. “The strong demand for as- sets along the route 202 corridor coupled with the lack of devel- opment in the submarket and limited construction pipeline, in our opinion, creates a favorable supply-demand dynamic,” said Stern. MAREJ
The Point at Glen Mills
YOUR LIABILITY INSURANCE UNQUESTIONABLY HAS A POLLUTION EXCLUSION That means no protection against direct and indirect liability losses, and property devaluation, caused by mold, bacteria, legionnaires disease, oil spillage, lead, and many more pollution-related claims. E. B. Cohen Insurance and Risk Management has solutions and coverages to fill this gap in your security.
GET A FREE RISK SURVEY AND NO OBLIGATION CONSULTATION TODAY
Made with FlippingBook. PDF to flipbook with ease