Luxury Community Opens on Philly’s Main Line
The 36-acre site where the luxury apartment community is located also features a 20,000-square-foot historic mansion built in 1881, which will be updated with modern amenities.
By Tudor Scolca
Maybrook Apartments
The 250-unit luxury community known as Maybrook welcomes its first residents. A joint venture of Jefferson Apartment Group, Haverford Properties Inc. and Lowe Enterprises Investors is behind the project situated in Wynnewood, Pa. Lowe provides investment management service. Building management is handled by Jefferson Apartment Group, who recently obtained permission to build a 330-unit apartment community in Arlington, Va.
The apartment community is located at 325 Penn Road, on Philadelphia’s Main Line. The four-story building features floor plans varying from one- to three-bedroom plus loft. Unit sizes range from 727 to 1,839 square feet. A 450-space garage connects directly to the first three levels. Common amenities include a fitness center, business center, a clubhouse, tennis court and swimming pool. A 20,000-square-foot mansion built in 1881 is located on the 36-acre site. It will be redeveloped to include other common facilities such as lounges, billiards and sports room and an executive dining room.
Growing demand
According to Yardi Matrix, approximately 152,612 people live within a three-mile radius. The property is located a few minutes away from the Wynnewood SEPTA station and Wynnewood Shopping Center. Further along Lancaster Avenue, more shopping and dining options are available, as well as several car dealers like Audi, Nissan and Toyota. Lankenau Medical Center is situated eight minutes away, while downtown Philadelphia is 22 minutes away via train or 25 minutes by car.
“Maybrook will be well-received in the market, as demand for high-quality luxury apartments from empty nesters and young, dual income couples continues to grow in this affluent neighborhood,” said James Duncan, CFO at Jefferson Apartment Group, in a prepared statement. The property was subject to a $65 million construction loan originated by Wells Fargo Bank in 2016, according to Yardi Matrix.
Image courtesy of Jefferson Apartment Group
