|Building Area Gross||
|Number of units||186|
|Call for Offers||2022-04-12|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Madison Lansdale Station (the “Property”), a 186-unit, luxury mid-rise apartment complex located adjacent to SEPTA’s Lansdale train station in Lansdale, Montgomery County, Pennsylvania.
Completed in 2019, Madison Lansdale Station features 186 modern studio-, one-, and two-bedroom floor plans (averaging 903 square feet) as well as 11,901 square feet of ground-floor retail space. Each apartment contains 9’ ceilings and open floor plans that are complemented by luxury finishes, including quartz countertops, stainless steel appliances, pendant lighting, USB charging outlets, and more. Additionally, the Property features sought-after community amenities that cater to the affluent suburban renter demographic, including an expansive resident courtyard, business center, and fully-equipped fitness center. Together, the conveniences attract the most discerning apartment renters, evidenced by the residents’ average annual income approaching $100,000.
Luxury Suburban Living
- Madison Lansdale Station features a modern, yet timeless design with studio-, one-, and two-bedroom floor plans averaging 903 square feet. The units feature LVT flooring in the contemporary living space, large bathrooms with soaking tubs, and luxury kitchens comprised of wood-grain cabinetry, stainless-steel appliances, quartz countertops, and extra-deep sinks with gooseneck faucets. Furthermore, all units contain a high-efficiency washer and dryer. Exclusive courtyard-facing balconies are also available in select units.
Compelling Rental Upside Opportunity
- Madison Lansdale Station has boasted impressive rental performance over the past several months due to the asset’s desirable location, market-leading finishes, minimal competition, and suburban Philadelphia’s outstanding leasing fundamentals. Since December 2021, effective rental rates on new leases and renewals have increased nearly 8.0%. Furthermore, effective rents on the most recent new leases for the Ida2.1 floor plan, which accounts for 27.0% of the unit mix, have increased nearly 19.0% supporting the opportunity for new ownership to increase rents upon turnover and renewal.
Dynamic Suburban Location
- Madison Lansdale Station is conveniently located in upper Montgomery County, which has become a hotbed for young professionals and empty-nesters as local firms such as SEI and Dow Investments have continued to expand their regional footprint. In addition to the supportive county-wide employment fundamentals, Madison Lansdale Station is located one mile from the Jefferson Lansdale Hospital, which features more than 140 beds, employing over 700 employees.