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|Number of units||69|
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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Laura Lane Apartments (the “Property” or "Laura Lane"), a 69-unit, garden-style, value-add multi-housing opportunity located in Norristown, Montgomery County, Pennsylvania.
Constructed in 1964, Laura Lane features 69 apartment homes consisting of studio, one- and two-bedroom floor plans. All units remain largely unrenovated without in-unit washers and dryers, allowing new ownership to completely reposition the asset among its competitive set and achieve rental premiums upwards of $300. In addition to a streamlined renovation program, an investor can capitalize on utility reimbursement income and significant loss-to-lease recapture by increasing rents upon turnover or renewal. Further, the Property is situated in the Norristown submarket of Montgomery County, which is currently achieving impressive 10.3% year-over-year rent growth as of 2Q22.
Laura Lane Apartments provides investors a rare opportunity to acquire a well maintained, value-add multi housing asset with significant rental upside in Norristown, Montgomery County, Pennsylvania.
COMPELLING VALUE-ADD OPPORTUNITY
- As currently positioned, nearly all units contain classic finishes consisting of dated wood cabinetry, white appliances, laminate countertops, carpet flooring, and original bathrooms. Laura Lane Apartments offers an investor the opportunity to add significant value to each unit by implementing a comprehensive renovation program in all 69 units. In addition to a streamlined renovation program, an investor can capitalize on utility reimbursement income and significant loss-to-lease recapture by increasing rents upon turnover or renewal.
MULTI-HOUSING MARKET FUNDAMENTALS
- Laura Lane is located in the Norristown submarket of Montgomery County, Pennsylvania. As of 2Q22, quarterly rent growth reached 10.3%, making Norristown one of the highest performing submarkets in the Philadelphia MSA. Additionally, over the past 5 years, the submarket has consistently maintained annual rent growth levels above 4.0%, outpacing most surrounding suburban counties in the Philadelphia MSA.
PREMIER TRANSIT-ORIENTED LOCATION
- Norristown sits at the junction of several major roads in the Philadelphia region including I-476, the Pennsylvania Turnpike (I-276), and U.S. 202. Norristown is home to the largest multi-modal transportation hub in Montgomery County. Numerous rail lines, bus routes, multi-use trails, and parking areas converge at the Norristown Transportation Center (NTC).