High Street Residential JV Completes Philadelphia Community

MetLife Investment Management partnered with the Trammell Crow affiliate on this 280-unit development.

Matson Mill. Image courtesy of High Street Residential

High Street Residential and MetLife Investment Management have completed the development of a community in the Philadelphia suburb of Conshohocken, Pa. Matson Mill is a luxury 280-unit, five-story property.

Construction for the $60 million project began during the pandemic yet still completed according to schedule. Hord Coplan Macht led architectural and design services and IMC Construction acted as the general contractor. Bozzuto will now oversee property management and leasing.

Located at 101 Washington St., Matson Mill comprises 317,740 square feet. The community houses studio, one- and two-bedroom apartments ranging from 487 to 1,818 square feet. According to Yardi Matrix data, preleasing began in May. By July, 29 percent of units had been preleased. To date, 138 apartments, or 49 percent, have been signed.

Most of the units feature views of the Schuylkill River. Community amenities include a club room, game room, lounge and conference area, fitness center, outdoor kitchen and pool.

Economic Growth in Pennsylvania

Matson Mills is in proximity to bars, restaurants and hiking trails. Conshohocken is home to 8,039 residents, according to Data USA. Over 6,000 people are employed in the city, a 7.5 percent growth from 2019 to 2020.

Philadelphia’s job market has also been growing with 129,200 positions added in a year ending in February. The metro’s multifamily market is similarly displaying strong fundamentals. Philadelphia is easily accessible from Matson Mills via mass transit, such as the nearby SEPTA Regional Rail station.

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