Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1972
Building Area
Number of units 80

Property Description

Jones Lang LaSalle Americas, Inc (JLL) is pleased to present the opportunity to acquire Nolan Park Apartments (Nolan Park), an 80-unit, garden-style, value-add community located in Morrisville Township, Bucks County, Pennsylvania. The property is located just off Trenton Avenue, nearby a plethora of shopping, dining and transportation options that provide convenient access to multiple employment hubs in Philadelphia, NYC, Trenton, and Princeton via I-95, I-295, and I-276.

Nolan Park Apartments has been family owned and operated since the property was developed in 1972. Nolan Park offers a compelling value-add opportunity through a streamlined renovation program.

Investment Highlights

Compelling Value-Add Opportunity

As currently positioned, the Property features 48 one-bedroom and 32 two-bedroom units, with all 80 units containing original unit finishes, allowing new ownership to reposition the entirely unrenovated asset among its competitive set and achieve substantial rental premiums upwards of $300. Furthermore, the Property has maintained historical occupancy levels above 95%, presenting the opportunity to acquire a sizable residential investment with tangible upside potential in a prominent suburban Philadelphia location. 

 

Significant Capital Infusion

Ownership has spent significant capital addressing necessary improvements throughout the property including all roofs, fire alarms, hot water boilers & heaters, as well as replacing windows, sliders in the past 10 years. These capital-intensive projects have been addressed by current ownership, allowing an investor to allocate their time and resources towards revenue-generating enhancements that will garner significant rental premiums throughout the Property.

 

Dynamic Location

Nolan Park is situated in affluent Bucks County, proximate to a variety of white-collar employment hubs and transportation options. The Property is centrally located just off Trenton Avenue, proximate to a variety of local amenities. Furthermore, Nolan Park is part of Falls Township, in the Pennsbury School District, which is recognized as one of the best school districts in suburban Philadelphia.

Last Updated Date: 23 Nov 2020
Carl Fiebig
Carl Fiebig
Managing Director, Capital Markets
License details
PA - RS320618 MD - 5000439
Mark Thomson
Mark Thomson
Senior Managing Director, Philadelphia Office Co-Head
License details
DE-RS0019034 MD-5000570 PA-RS292417

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Last Updated Date: 23 Nov 2020

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