|Number of units||208|
|Call for Offers||2022-05-19|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Willow Shores (the “Property”), a 208-unit, value-add multi-housing offering located in Palmyra, Burlington County, New Jersey.
Constructed in 1977, Willow Shores features 208 private-entrance apartment homes and provides an investor with the exceptional opportunity to acquire a strong cash flowing asset with significant value-add potential in desirable Palmyra, New Jersey. As currently positioned, the Property, consisting of 146 one-bedroom and 62 two-bedroom units, features three levels of unit finishes – classic, choice, and modernista. Current ownership has renovated 67 units to the modernista scope and 17 units to the choice scope, proving rental increases of more than $250. New ownership is provided the opportunity to renovate the remaining 141 classic and choice units to mirror the finishes of best-in-class product and capitalize on significant rental premiums. In addition to a proven renovation program, rents for modernista, choice, and classic units trail the market average by more than 10% allowing an investor to immediately increase rents upon renewal and signing of leases.
COMPELLING VALUE-ADD OPPORTUNITY
- Willow Shores was built in 1977 and has been professionally maintained since. As currently positioned, ownership has completed two levels of renovation in 84 units or 40% of the unit mix. Willow Shores offers an investor the opportunity to add significant value to each unit by implementing a comprehensive renovation program in the remaining 141 Classic or Choice renovated units while capitalizing on proven rental increases.
- Willow Shores is located in the Upper Burlington County submarket of New Jersey. During the prior five-year period, asking rent growth averaged 5.6% annually, and as of 2Q22, rent growth reached an impressive 11.4% year-over-year. Furthermore, as of 2Q22, the submarket vacancy rate is 2.6%, which is well below the Philadelphia metro average of 4.0%.
PREMIER TRANSIT-ORIENTED LOCATION
- Willow Shores provides renters with a premier transit-oriented location. Located along Route 73 at the base of the Tacony Palmyra Bridge, residents are located 10 miles from Center City, Philadelphia and 6 miles from Cherry Hill, New Jersey, via Route 73 and I-95. In addition to regional thoroughfare access, Willow Shores is located under two miles from the Palmyra and Riverton train stations along the River Line light rail system, providing renters with access to several employment hubs in New Jersey and into Philadelphia.