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Jefferson Apartment Group (JAG), a leading multifamily developer and operator specializing in premier apartment communities on the East Coast, and equity partner CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, have closed on the purchase of 14-acres in Fort Washington, Pennsylvania, a highly desirable, mature suburb of Philadelphia.

The community, located at 1125 Virginia Drive, will be comprised of 310 luxury units across three 5-story mid-rise buildings. A pedestrian promenade will connect the buildings, which will be situated among 8 acres of open space. The promenade will also connect directly to Fort Washington walking and biking trails and provide access to adjacent retail.

The project will showcase 12,000 square feet of interior amenity space to include a grand clubroom with a bar, lounge and double-sided fireplace; game area with billiards, shuffleboard, and pinball; poker room; leading-edge fitness center; resident movie theater; private dining room; and co-working area with micro-offices.

In addition, extensive outdoor amenities will feature a resort-style courtyard area with swimming pool, grilling stations, fire pits, and abundant lounge areas. JAG is also debuting its first pickleball courts at this new community. There are also plans for a large dog park, along with two pocket parks across the property. The site will feature surface parking, garage parking options, and EV charging stations.

The units will feature top quality finishes to include stainless steel appliances, quartz countertops, tile backsplash, and plank flooring.

“We’re very pleased to be partnering with CP Capital for this unique development in a thriving location,” said Drew Chapman, JAG Senior Vice President and Development Partner. “Fort Washington is an in-demand area flush with top schools, great restaurants, ample recreational options, and major employers. In fact, it’s the third largest office market in Pennsylvania, behind Philadelphia’s City Center and King of Prussia.” Ally Financial, Unisys, Toll Brothers, Nutrisystem, Aurinia Pharmaceuticals, and Temple University are among Fort Washington’s major employers.

The development parcel, the site of a former ADP office building, provides immediate access to the Pennsylvania Turnpike (I-276) and easy accessibility to major employment centers with a 20-minute drive to King of Prussia, 30 minutes to Center City, and just 90 miles to New York City. Residents will benefit from the adjacent walking and biking trail as well as local retail options including Wawa, LA Fitness, CVS, Walmart, Sam’s Club, Sprouts, Lululemon, Chipotle, Chick-fil-A and Starbucks.

“Fort Washington provides residents with excellent connectivity to a diverse mix of employment nodes throughout the greater Philadelphia MSA,” said John Begley, Vice President of Investments at CP Capital. “The area continues to draw new residents by presenting young professionals and families with a high quality-of-life, exceptional schools, and ample lifestyle amenities. We’re thrilled to establish a new partnership with Jefferson Apartment Group, an accomplished and well-respected developer, to ensure the long-term success of this exciting development.”

The project is expected to break ground in February 2023 with delivery in late 2024.

For more information, please visit jeffersonapartmentgroup.com.

Multifamily developer and operator Jefferson Apartment Group and equity partner CP Capital have closed on a parcel in Fort Washington, Pa., a dynamic Philadelphia suburb. The joint venture plans to develop on the 14-acre site an apartment community consisting of three five-story midrise structures.

The as-yet unnamed community, at 1125 Virginia Drive, will feature 310 luxury apartment homes. Among the 8 acres of open space included in the development will be a pedestrian promenade that will connect the three buildings. The promenade will link to Fort Washington walking and biking trails and will also deliver access to proximate retail establishments. The community’s 12,000 square feet of interior amenity space will include a game area with billiards, shuffleboard and pinball.

Among the features and finishes of apartment homes will be stainless steel appliances, quartz countertops, tile backsplashes and plank flooring.

Expanding market

“With any large development project there are always challenges, but in this instance, the approval cycle ran fairly smoothly,” Drew Chapman, JAG’s senior vice president, told Multi-Housing News. “In comparison (was) contending with the overall macro economy and how it has continued to impact construction pricing, and more acutely, the institutional equity markets and the lending community.

“When it comes to overcoming challenges such as these, it’s all about relationships and having an established first-class reputation. Jefferson Apartment Group has worked with the general contractor, CBG, on several projects throughout the mid-Atlantic region. In addition, United Bank has been a trusted lender on multiple successful JAG projects. Through the strength of our industrywide reputation, we established a new partnership with CP Capital and look forward to working alongside them in delivering this 310-unit luxury multifamily development to the expanding Fort Washington market.”

Easy access

The Greater Philadelphia metropolitan area has witnessed consistent employment growth and in-migration in recent years, making it an ideal market for multifamily investments, said John Begley, vice president of investments for CP Capital.

“Philadelphia’s economy greatly benefits from its diverse mix of industries, strong higher-education presence and lower cost of living compared to nearby cities like New York and Boston, making it an attractive area for young professionals,” he said.

“These facts have driven demand for high-quality rental housing in Greater Philadelphia, and we are thrilled to be partnering with Jefferson Apartment Group to help meet that demand with this project.”

The parcel upon which the apartment community will be developed is the former site of an office building of management services company ADP LLC.

That location offers immediate access to the Pennsylvania Turnpike (I-276), as well as to prominent job hubs. The employment center of King of Prussia, Pa., is situated within a 20-minute drive from the community. A 30-minute commute will take residents to Center City Philadelphia. New York City is 90 minutes away.

According to a prepared statement from JAG, Fort Washington is the third-largest office market in Pennsylvania, ranking behind only Center City Philadelphia and King of Prussia. Major employers include Ally Financial, Unisys, Toll Brothers, Nutrisystem, Aurinia Pharmaceuticals and Temple University.

Numerous commercial establishments are situated within the immediate vicinity. They include Wawa, LA Fitness, CVS, Walmart, Sam’s Club, Sprouts, Lululemon, Chipotle, Chick-fil-A and Starbucks. In December, JAG announced it and a joint venture partner would develop a 27-story Northern Virginia high-rise apartment community.

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to begin in February and to be complete in late 2024.

PEACHTREE CITY, GA. — Northmarq has arranged the $15.2 million sale of Westpark Walk, a 73,847-square-foot shopping center located at 400 Commerce Drive in Peachtree City, a southwest suburb of Atlanta. Jeff Enck and Emery Shane of Northmarq represented the seller, an unnamed private investment firm based in Washington, D.C. The buyer was an undisclosed partnership based in Atlanta. Westpark Walk was fully leased at the time of sale to 21 tenants, including Tuesday Morning, Verizon Wireless, State Farm, Firehouse Subs, Hotworx and local service providers and retailers, including Ranchero Mexican Grill, which has been a tenant at the shopping center for more than 33 years.

CHARLOTTE, N.C. — CBRE Investment Management has acquired Madison Place, a 226-unit apartment community located at 3125 Furr Court in Charlotte. The firm purchased the newly constructed property on behalf of a separate account client. The seller and sales price were not disclosed. Madison Place is a multifamily component within Berewick, a 1,070-acre master-planned community in southwest Charlotte. The property includes one-, two- and three-bedroom units, as well as amenities including a saltwater pool with a tanning deck, fitness studio, clubroom, pet grooming spa, outdoor kitchen, grilling areas and a fire pit.

AMERICAN CANYON, CALIF. — Intersection has acquired 5555 Broadway Street, an industrial property in the Napa County city of American Canyon. The name of the seller and acquisition price were not released.

The 89,000-square-foot building is a temperature-controlled warehouse with a night-air cooling, which is ideal for beverage storage and distribution. Situated on seven acres, the building features five grade-level doors, eight dock-high doors including four with levelers, 18-foot to 23-foot warehouse clearance and 9,000 square feet of office space. The property also includes three acres for additional outdoor storage space.

At the time of sale, the building was 98 percent occupied. Intersection plans to bring the property to market-rate rent values and implement capital improvements to the asset.

Kris Hagar and Tyler Epting of Newmark represented the buyer in the transaction.

A property along the Wissahickon Creek in Whitemarsh Township that is on the U.S. National Register of Historic Places is set to have a rebirth.

Mather Mill in Fort Washington, initially called Farmar’s Mill, was built sometime near the end of the 17th century by Edward Farmar. Edward Farmar was the son of Jasper Farmar, who had purchased 5,000 acres from William Penn which included what is now the Borough of Conshohocken and Whitemarsh Township. Today you can find a restaurant in Conshohocken named Jasper’s Backyard, which recognizes Jasper Farmar.

The property containing the mill passed from the Farmar family to Samuel Morris, who built nearby Whitemarsh Estate, which is known today as Hope Lodge. His estate then sold the mill and four acres to Issac Mather. In 1820, Mather’s son built the mill that stands today. The mill operated late into the 19th century.

In 1966, the property was acquired by the Commonwealth of Pennsylvania. It was added to the U.S. National Register of Historic Places in the early 1970s.

In 2022, the Commonwealth of Pennsylvania sold the property to a private entity named The Grist at Mather Mill, Ltd., which was established by Fort Washington resident and attorney Edmond R. Shinn and his father. The Grist at Mathew Mill recently received approval from Whitemarsh Township’s zoning hearing board (see agenda) to operate an office for the Shinn’s law firm and real estate business on the second floor of the building and allow the first floor to be utilized for meeting and event space for the Friends of Hope Lodge and a fishing club. The first floor, which is flood-prone will be restored to be “flood resilient.”

“The Shinn Family is excited to serve as the next generation in a long line of stewards for historic preservation of this property, which is notable for having been a lookout for George Washington and the source for grain for his troops during the Whitemarsh Encampment of 1777,” shared Shinn.

The fishing club, Wissahickon Sporting Club, will seek to partner with the Pennsylvania Fish and Boat Commission to develop a catch-and-release fly fishing opportunity on the Wissahickon Creek between Skippack Pike and Morris Road, and offering handicap-accessible fishing right at the mill. According to Shinn, the club’s goal is to “establish quality fishing and native trout population through a robust trout stocking program, habitat restoration and implementation of stream quality management practices, similar to the Spring Creek Project in State College, PA.” Shinn referred to the Spring Creek Project as having created a “Fisherman’s Paradise.”

Shinn projects that the work needed to occupy the property will be completed by the end of 2023.

Photo: Pennsylvania Historical & Museum Commission

Upper Dublin’s Fire & Ice Fest has announced its activity timeline, which can be found here.

The event is seeking vendors, sponsors, and volunteers and will be held on Friday, February 24 from 6-9pm and Saturday, February 25^th from 3-8pm at 801 Loch Alsh Avenue.

VENDORS:

A “warming tent” will be available for activities and vendors. There are fifteen available vendor slots. Vendor registrations will be taken on a first come, first served basis and are only accepted with full payment of $100.

Complete and return this form with full payment by Friday, February 10th to:

UDP&R, 370 Commerce Drive, Fort Washington, PA 19034 -OR- email to [email protected]

SPONSORS:

Click here to view the Fire & Ice Fest sponsorship level opportunities.

If you are interested in sponsoring the 2023 Fire & Ice Fest, please complete and return this form, your company artwork (if applicable) and full payment by Friday, February 10th to:

UDP&R, Attn: Tammy Echevarria, 370 Commerce Drive, Fort Washington, PA 19034

Any Fire & Ice Fest, vendor and/or sponsor questions can be directed to UDP&R at (215) 643-1600 ext. 3443.

VOLUNTEERS:

Volunteer support from the residents, staff and businesses of our community is vital for this community celebration to be successful. Volunteers are needed for site set-up, directing participants, monitoring activities, and site clean-up.

Please consider helping as we continue to celebrate all that is GOOD in UDT!

We’re using SignUp (the leading online SignUp and reminder tool).

Here’s how it works in 3 easy steps:

Note: SignUp does not share your email address with anyone. If you prefer not to use your email address, please contact Tammy Echevarria to sign up manually.

The event’s website can be found here.