|Number of units||205|
JLL is pleased to present the opportunity to acquire The Cynwyd, a thoughtfully designed, high-profile multifamily asset. The Cynwyd is a 205-unit, six-story development located along the Main Line in the heart of Bala Cynwyd, Pennsylvania. The Cynwyd has positioned itself as one of the most desirable multifamily communities in suburban Philadelphia and is capturing significant early leasing momentum with 25 leases signed since leasing began in early August. All of the leases have been signed without concessions. The Property is currently 13% leased as of 9/7/21, providing new ownership with the opportunity to take on a best-in-class asset and outperform proforma projections through the remaining lease-up period.
The Cynwyd is conveniently situated off City Avenue (Rt. 1), proximate to I-76 and Route 30, just one mile from The Bala SEPTA Train Station. Furthermore, the Property is just minutes from Lankenau Medical Center, part of Main Line Health, and over 2.6 million square feet of Class-A office space and luxury retail along City Avenue.
The Cynwyd represents a tremendous opportunity to acquire a newly constructed, luxury multifamily asset of scale in lease-up, just minutes from some of the largest demand drivers in the Philadelphia region.
Luxury Suburban Offering
- The Cynwyd offers a modern, refreshing design with thoughtfully arranged floorplans that include studios, one-bedroom, and two-bedroom units. Apartment units offer 9’ft ceilings with luxury plank flooring throughout the contemporary living space and luxury kitchens comprised of stainless-steel appliances, two-toned cabinetry, quartz countertops, and extra-deep sinks with gooseneck faucets.
Unmatched Bala Cynwyd Location
- The Cynwyd is conveniently situated off City Avenue (Rt. 1), proximate to I-76 and Route 30, just one mile from The Bala SEPTA Train Station. Furthermore, the Property is just minutes from Lankenau Medical Center, part of Main Line Health, and over 2.6 million square feet of Class-A office space and luxury retail along City Avenue.
High Barrier To Entry Market
- The Lower Merion Township is known as a difficult jurisdiction to receive development entitlements, often delaying projects and preventing others from ever breaking ground. The Cynwyd represents a rare opportunity to acquire an elegantly designed and professionally developed investment opportunity that is being delivered with little competing product in the future development pipeline.
Proven Submarket Resiliency
- Rent growth is forecasted to exceed 5.5% by 4Q2021, 7.4% in 2022, and 4% in 2023. Bala Cynwyd's apartment market stands to display strong performance over the next several years as the development pipeline dwindles with few new development sites remaining in the immediate submarket, The Cynwyd is sheltered from future oversupply risk.
Irrefutable Market Demand
- According to U.S. census data, Bala Cynwyd and the Lancaster Avenue Corridor that stretches from City Line Avenue up to Haverford has hosted impressive growth rates in recent years, averaging almost 12% annual growth in millennial renters (ages 30 – 39) over the previous two year period. This growth can be attributed to the submarket’s proximity to suburban employment centers, Center City, public transportation, and a plethora of higher education.