Berkadia is pleased to present the opportunity to acquire Inglewood Gardens (“the Property”), an attractive garden-style community located in Lansdale, PA. Originally built in 1960, Inglewood Gardens features an attractive unit mix comprised of 15 one-bedroom units, 17 two-bedroom units as well as 20 garages available for rent. The Property is situated within a quiet residential community only a few blocks from retail and dining offerings along Main Street in Lansdale. Residents also benefit from the Property’s proximity to major thoroughfares and ease of access throughout the Philadelphia region via I-476 and Routes 63, 202 and 309. The Property is also located near the Lansdale SEPTA Station, which is serviced by the Lansdale/Doylestown Regional Rail line, providing commuters with direct access to Center City Philadelphia in under 45 minutes.
Inglewood Gardens offers prospective investors an excellent opportunity to purchase a value-add asset located in a desirable Montgomery County location boasting strong demographics and stable market. Over the last 24 months, the Property has realized a year-over-year, average rental rate increase of approximately 5.0%. These increases have been achieved without any unit interior renovations. All but one of the units at Inglewood Gardens feature either original finishes or modest upgrades, providing a new owner with the ability to pursue a renovation program and increase rental rates by $250+ per month. Post-renovation, Inglewood Gardens will be favorably positioned within the competitive set by having the ability to offer prospective residents newly renovated units at a slight discount relative to the rental rates being offered at the market-leading properties.
Inglewood Gardens is a 32-unit, garden-style apartment community located in Lansdale, Pennsylvania. Built in 1960, the property is occupying a rentable area of 28,250 square feet comprised of two, two-story masonry constructed buildings with pitched composition shingled roofs. The property offers an ideal unit mix of 15 one-bedroom units measuring 780 square feet each and 17 two-bedroom units measuring 900 square feet each, for an overall average unit size of 844 square feet. The unit sizing at Inglewood Gardens is attractive for tenants looking for comfortable modern living in a suburban neighborhood.
The property has historically experienced strong occupancy levels (98%+) due to its desirable location in the submarket of Lansdale. Residents enjoy a short drive to local amenities such as Starbucks, Wawa, Lowes, and ShopRite. Tenants also appreciate the immediate access to major employment hubs, both by SEPTA Region Rail and Interstate-476. These characteristics have attracted new residents to the Lansdale area which in turn has spurred demand for apartments, residential and commercial development, and has been a catalyst for rent growth.
Inglewood Gardens is strategically positioned outside of Philadelphia in Lansdale, PA a community in Montgomery County. The City of Lansdale is primarily comprised of middle-class households and has an estimated population of just over 16,000. According to the Census Bureau almost 93% of the residents have a minimum of a high school diploma and approximately 34% have achieved a bachelor’s degree or higher. Lansdale has become a magnet for educated middle-class individuals and families looking for suburban living with immediate access to employment hubs. The Census Bureau indicates that the average commute time for Lansdale residents is just over 26 minutes. Meaning that locals are seizing quality employment opportunities in booming areas such as Plymouth Meeting and Conshohocken.
Large regional and national tenants such as Wawa, Lowes, Royal Farms, and Starbucks have opened prominent locations in the Lansdale area as the population has surged. Lansdale can attribute a large percentage of this growth to its access to both public transportation, and major highway thoroughfares. The Lansdale Station on the Lansdale/Doylestown SEPTA Regional Rail Line carries thousands of daily commuters into Center City Philadelphia. Lansdale also features direct access to Interstate-47 providing driving commuters a short trip to major employment hubs in the Lehigh Valley, Plymouth Meeting, Conshohocken, Philadelphia, and King of Prussia.
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