Multifamily developer GMH Communities announced it has broken ground on a 249-unit apartment community in Newtown Square, Pa. The project is being developed in a joint venture with AEW Capital Management.
Dubbed The Caswell at Runnymeade, the community will consist of two, four-story buildings located 15 miles from downtown Philadelphia in Edgmont Township in Delaware County. The community’s location is just east of Ridley State Park and near several major thoroughfares including Interstate 476.
The project is slated to open in spring 2023, while preleasing set to begin in winter 2022.
Residents will be able to choose from one-, two- and three-bedroom apartment layouts ranging in size from 805 to 1,623 square feet. Unit features will include spacious bathrooms, stainless steel appliances, smart tech features, walk-in closets and energy-efficient appliances.
Community amenities at the property will include a fitness center, golf simulator, movie theater, coworking spaces and a lounge area. Additional outdoor amenities will include a pool, hot tub, outdoor theater, yoga area, multiple fire pits and lounge seating.
Michael Byrne, AEW Chief Investment Officer & Head of Private Real Estate Debt, said in prepared remarks that there is strong demand for apartment communities like The Caswell at Runnymeade that put an emphasis on health and wellness.
Newton Square-based GMH Communities, recently named one of the top multifamily property management firms, has been an active player in the student housing market lately. In July, the firm announced it was partnering with CBRE Global Investors Fund on a joint venture to acquire student housing properties across the country. The same month, GMH broke ground on a high-rise student housing project in Reno, Nev., with its joint venture partners Canyon Partners Real Estate and CRG.