Berkadia is pleased to present the opportunity to acquire Inglewood Gardens (“the Property”), an attractive garden-style community located in Lansdale, PA. Originally built in 1960, Inglewood Gardens features an attractive unit mix comprised of 15 one-bedroom units, 17 two-bedroom units as well as 20 garages available for rent. The Property is situated within a quiet residential community only a few blocks from retail and dining offerings along Main Street in Lansdale. Residents also benefit from the Property’s proximity to major thoroughfares and ease of access throughout the Philadelphia region via I-476 and Routes 63, 202 and 309. The Property is also located near the Lansdale SEPTA Station, which is serviced by the Lansdale/Doylestown Regional Rail line, providing commuters with direct access to Center City Philadelphia in under 45 minutes.
Inglewood Gardens offers prospective investors an excellent opportunity to purchase a value-add asset located in a desirable Montgomery County location boasting strong demographics and a stable market. Over the last 24 months, the Property has realized a year-over-year, average rental rate increase of approximately 5.0%. These increases have been achieved without any unit interior renovations. All but one of the units at Inglewood Gardens feature either original finishes or modest upgrades, providing a new owner with the ability to pursue a renovation program and increase rental rates by $250+ per month. Post-renovation, Inglewood Gardens will be favorably positioned within the competitive set by having the ability to offer prospective residents newly renovated units at a slight discount relative to the rental rates being offered at the market-leading properties.
