Madison Apartment Group Breaks Ground on Luxury M-F Development in Bucks County
- Oct 05, 2012
Madison Apartment Group, the multifamily operating arm of Philadelphia-based BPG Properties, Ltd., recently broke ground on an apartment community called Madison New Britain and located in Chalfont, PA, in the heart of historic Bucks County.
Madison New Britain is the first multifamily rental community to be created in the region in about ten years and it will be developed on a 16-acre parcel between County Line and Schoolhouse roads that was rezoned as residential in 2011, according to a previous report by PhillyBurbs.com.
Designed by a team of architects of Barton Partners and totaling 232 luxury one- and two-bedroom units, the community will consist of 12 two- and three-story buildings. Each rental unit will feature 9-foot ceilings, oversized windows, master bedroom suites, private balconies and patios, and the latest green building specifications. Prospective tenants will have access to a clubhouse of up to 5,000 square feet featuring a fitness center with free weights, a billiards room, a private pool, a cybercafé with WiFi, and a fully equipped kitchen with grilling areas and a sundeck.
Madison New Britain will be built next to the 143,000-square-foot New Britain Village Square, a retail center also developed by BPG Properties and currently housing Giant as the anchor tenant, Wells Fargo, Bank of America, four restaurants and other retailers. The project is expected to be completed by spring 2013.
While the developer is yet to determine and announce rent prices at Madison New Britain, a research by Marcus & Millichap suggests that in Q3 2012 rent rates in Bucks County reached nearly $1,000 per month, or a 1.5% increase as compared to the same period in 2011. Class A asking rents in the Philadelphia metro area reached $1,252 per month, or 1.7%.