Telford, PAProperty Type: Multifamily
Size: 91 Units
Price: See Broker for Details
CAP: See Broker for Details
- 91-Unit Apartment Community Located in Telford, Bucks County, Pennsylvania
- Attractive Location in Suburban Philadelphia, in an Area with High Occupancy Rates and Strong Rent Growth
- Excellent Townhouse Unit Mix
- Well-Maintained - Being Sold by Original Developer
- More Than Half of Units Have Undergone Kitchen and Bathroom Renovations
- Tenant-Paid Heat and Electric
- Significant Rental Upside at Next RCS in 2023
Marcus & Millichap is pleased to present the opportunity to purchase Meadow Glen Apartments, located in Telford, Bucks County, Pennsylvania. Meadow Glen is a 91-unit garden-style apartment complex built in 1981. Ninety of the units are covered under a 20-year Project-Based Section 8 contract expiring in 2034. The property is being offered for sale unpriced.
ATTRACTIVE SITE IN SUBURBAN PHILADELPHIA
Meadow Glen is located in Bucks County, near the Bucks/Montgomery County line, approximately 30 miles northwest of Philadelphia. Neighboring towns include Souderton, Hatfield, Lansdale, and Harleysville. This area has an excellent rental market with high occupancy rates and strong rent growth over the last few years. The property has great curb appeal, with an abundance of green open space. Amenities include on-site management office, coin operated laundry, storage lockers for each unit, children’s playground, and picnic area.
WELL-MAINTAINED - 91c REAC IN 2019
The property was built in 1981, and is being sold by the original developer who has kept the property well-maintained throughout ownership. More than half of the units have received kitchen and bath renovations. Eighty out of the 91 units have new HVAC heat pumps, which were replaced within the last five years.
EXCELLENT TOWNHOUSE UNIT MIX & TENANT-PAID HEAT & ELECTRIC
More than 75% of the units at the property are 2- and 3-bedroom townhouse units. Tenants are responsible for electricity, which includes individual electric heat pumps.
SIGNIFICANT RENTAL UPSIDE AT NEXT RCS IN 2023
Comparable properties in this submarket have experienced significant rental growth in the last few years. It is anticipated that the rents at the subject property will see a large rent increase at the next RCS in 2023. Additional rent growth can be achieved by continuing to upgrade kitchens and baths.