Demand For Apartments In Willow Grove Continues To Surge
The demand for apartments in Willow Grove continues to surge as the newly developed projects continues to rent units practically overnight, writes Natalie Kostelni for the Philadelphia Business Journal.
J.G. Petrucci Co. broke ground across from Willow Grove train station on a 275-unit apartment complex in the spring of 2018. This was the first rental housing to arrive on the local market in more than four decades.
The New Jersey developer bet on pent-up demand and a location near the train line. The bet paid off, as Petrucci has already leased over 100 units, with all the studio apartments already rented out.
“They went overnight,” said Greg Rogerson, principal at Petrucci. “We have 18 and within a week 14 were leased, and now they are all gone.”
KRE Group, another New Jersey developer, is also seeing major demand for its new apartment complex Willow Pointe. The first phase in the leasing efforts for the $50 million project saw all of the 245 offered units rented out. The developer is now starting the second phase of 56 units.
“The leasing has been incredible,” said Jonathan Kushner, president of KRE Group.
Read more about the growing demand at the Philadelphia Business Journal by clicking here.
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