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|Number of units||80|
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.
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.
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.