Jefferson JV Delivers in Metro Philly

The building is the first of three planned for this suburban project.

Jefferson Apartment Group and its equity partner CP Capital have completed the first building of J Veridian at Upper Dublin, an apartment development in suburban Philadelphia. The rest of the project will be delivered in the spring, with the property ultimately including three five-story buildings totaling 310 units.

The community, at 1125 Virginia Dr. in Fort Washington, Pa., is situated on eight acres. A pedestrian promenade creates a path connecting each building, existing walking and biking trails in Fort Washington and local retail space.

Units range from one- to three-bedrooms. Each home includes quartz countertops, stainless steel appliances, tile backsplashes and plank flooring.

Indoor common-area amenities are anchored by a grand club room and bar. The community also features a game area with billiards, shuffleboard and arcade gaming; a fitness center; a resident movie theater; a private dining room; and coworking areas with soundproof office pods.

The property sports two pickleball courts, a dog park and community garden plots. A resort-style courtyard area includes a swimming pool, grilling stations, fire pits, lounge areas and a number of pocket parks.

United Bank provided the construction loan for the property, totaling about $59.1 million, Yardi Matrix data shows.

J Veridian at Upper Dublin is the Jefferson Apartment Group’s second major completion in the Philadelphia area in the past year. Last summer the company opened Rivermark at Northern Liberties on the Delaware River waterfront. That community features 470 units in two mid-rise buildings and 45,000 square feet of retail anchored by a Sprouts Farmers Market.

McLean, Virginia-based Jefferson Apartment Group has developed more than 30 multifamily communities with a focus on the East Coast. CP Capital has invested in more than 70,000 residential units and 21 million square feet of commercial space since its founding in 1989.

Philadelphia’s modest growth pace

Metro Philadelphia rents were essentially flat for the three months through October, at an average of $1,797, Yardi Matrix reports. Rental growth peaked in May and June, at 0.6 percent, then fell slowly. Meanwhile the national rate was down 0.1 percent. Year-over-year, Philadelphia’s rents were up 2.2 percent in October, outpacing the 0.9 percent U.S. figure.

Since 2022, metro Philly has added 265,545 residents, or a 4.4 percent increase, according to the Census Bureau. That is more than average for the Northeast, where many cities have started eking out population gains again. Cities with populations of 50,000 or more grew by an average of 0.2 percent in the Northeast in 2023 after declining an average of 0.3 percent in 2022.

Late last year, Southern Land Co. opened a 255-unit luxury tower in the area. The 27-story building is within walking distance of the Philadelphia City Hall and Rittenhouse Square. It features 21,000 square feet of restaurant space.