|Number of units||225|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire The Yards at Malvern (the “Property”), a recently constructed, 225-unit, luxury suburban apartment complex located along Lancaster Avenue (US Route 30) in Malvern, Chester County, Pennsylvania. Completed in October 2021, The Yards at Malvern experienced an exorbitant lease-up, averaging more than 25 executed leases per month between August 2021 and January 2022.The Property’s lease-up pace is a testament to the pent-up demand for luxury suburban living. The Yards at Malvern is the latest luxury suburban offering to open its doors amid a dwindling development pipeline along the Main Line – suburban Philadelphia’s prestigious stretch of affluent communities that run parallel to Lancaster Avenue. Today, the Property is 93% occupied and the Property’s in-place rent of $2,113 ($2.39 PSF) trails the market by $250, or 12%. As a result, investors are offered the opportunity to acquire a luxury asset with significant rental upside upon the signing of new leases and renewals.
LUXURY SUBURBAN OFFERING
- The Yards at Malvern’s luxury unit finishes, paired with its market-leading amenity package, make the Property one of the most impressive, newly constructed assets in the greater Upper Chester County submarket.
EXCEPTIONAL LEASING PERFORMANCE WITH UPSIDE OPPORTUNITY
- The Yards at Malvern has performed extremely well since its inception, averaging more than 25 signed leased per month from August 2021 through January 2022. Over the past several months, the lease-up performance has continued to perform exceptionally – net effective rents on the last 10 signed leases are averaging $2.69 PSF, which exceeds the blended average in-place rent PSF of $2.39 by more than 10%.
STRONG SUBMARKET FUNDAMENTALS
- Malvern, Pennsylvania is located in the Upper Chester County multi-family submarket, which has grown consistently over the years. The submarket has delivered 2,300 units since 2020, resulting in a 50% increase in the submarkets’ inventory of Class-A apartments.