Fort Washington Site Is Bought by Out-of-State Developer; Luxury Apartments Coming
Jefferson Apartment Group (JAG), a Mass. apartment developer, has purchased a 14-acre parcel in Fort Washington.
Partnered with commercial real estate firm CP Capital (New York), it seeks to construct 301 luxury apartments. Jeffery Steele reported the purchase and plans in Multi-Housing News.
The yet-unnamed community will comprise three five-story buildings at 1125 Virginia Drive.
The plot, which once hosted human-resources software supplier ADP, hugs the Pennsylvania Turnpike. It sits midway between Blue Bell to its west and Willow Grove to its east.
The project will include eight acres of open space and a trail to give walkers and bikers an exercise resource and access to nearby retailers and service providers.
Approval of the project “ran fairly smoothly” said JAG Senior Vice President Drew Chapman. He sees future challenges in “… contending with the overall macro economy and how it has continued to impact construction pricing, and more acutely, the institutional equity markets and the lending community.”
Chapman cited numerous advantages to the Philadelphia suburb, which he said, “ … greatly benefits from its diverse mix of industries, strong higher-education presence, and lower cost of living.”
He believes the apartments will be sought after and occupied by young professionals.
More on this Jefferson Apartment Group is at Multi-Housing News.
Here’s a look at the work of Jefferson Apartment Group; this project is in Washington D.C.
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