A South Jersey company is investing big in Willow Grove’s rental market, writes Ryan Mulligan for the Philadelphia Business Journal.
Gibbsboro-based Friedman Realty Group has purchased North Crossing Apartments for $27.6 million, with plans to pour several million more into upgrades.
Moreland Hall has owned the 145-unit complex at 3625 Welsh Road for 55 years. The property sits just off the Pennsylvania Turnpike, near the West Gate Shopping Center. It is about a mile from Willow Grove Park Mall. It is currently 97% leased.
Friedman Realty Group intends to refresh the site with new siding, landscaping, lighting, and updated kitchens featuring plank flooring. The company is also exploring the addition of a clubhouse, fitness center, barbecue area, and dog park to modernize amenities.
Rent ranges from $1,500 to $2,200 for one- and two-bedroom units, which is slightly below Willow Grove’s average of $1,984, according to RentCafe. Friedman says the goal is to create “working-class workforce housing” that offers a luxury-style experience at a more reasonable price point.
With the acquisition, the firm now owns 25 apartment communities across South Jersey and the Philadelphia suburbs.
To learn more about Friedman Realty Group’s acquisition of Willow Grove’s North Crossing Apartments, visit the Philadelphia Business Journal.
