Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, along with local market expert, Jeff Mack, have successfully completed the sale of 130 Monument Road in Bala Cynwyd. The team represented Roseland Residential Trust, a Mack-Cali Company of Jersey City, NJ, in the $8.94 million sale to Woodfield Development of Chevy Chase, MD.
The 5.23-acre development was site plan approved and is pending only a building permit before construction can begin. The site is zoned and approved for the development of 205 multifamily units. As approved, the design features five stories of residential units over a podium. The building will be a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and leasing office. The site sits directly on Monument Road, providing unmatched regional connectivity with tremendous access to major roadways such as City Avenue, I-76, and US-1. Residents will be a short walk away from shopping and dining, along with nearby transportation from SEPTA’s regional rail station. Bala Cynwyd lies directly on the City Avenue Corridor, Philadelphia’s “Golden Mile.” Adjacent to Center City with thriving demographics, this location has evolved into a surging urban/suburban environment, with a large employment base, walkable amenities and a flourishing residential community.
130 Monument Road will experience an accelerated lease-up period and the investor will be able to garner premium rents due to the heavy supply-constrained location. At $43,416 per unit, 130 Monument Road was one of the highest price-per-unit development sales in the last seven years among suburban multifamily land sale comparables, emphasizing the demand for luxury apartments in one of Philadelphia’s premiere live, work, play environments.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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