New Apartments Underway in Suburban Philly
- Oct 03, 2012
Chalfont, Pa.—Madison Apartment Group LP, the multifamily operating arm of BPG Properties Ltd., has broken ground on Madison New Britain, a 232-unit apartment community in the Philadelphia suburb of Chalfont in Bucks County. The property is slated for completion next spring.
Madison president and CEO Joseph E. Mullen tells MHN that barriers to entry for new product are still quite high in the metro Philadelphia apartment market. Entitled land is difficult to find, and it’s also difficult to have land rezoned for apartments.
Indeed, Madison’s development will be the first new apartments for the town in a number of years. Chalfont itself is small, however, with only about 4,000 people, but Bucks County is currently the fourth-most populous county in the state, with about 625,000 residents, according to the Census Bureau in 2010.
Apartment construction throughout metro Philadelphia has been sparse lately. According to investment specialist Marcus & Millichap, only 1,000 new units will have been completed in the market by the end of this year, and none at all were developed in 2011. Vacancy rates market-wide will end 2012 at an average of about 3 percent.
Madison New Britain will offer one-and-two bedroom units designed around a clubhouse and amenities center. Common amenities will include a clubhouse with wifi, cardio fitness center, billiards room, resort pool, kitchen with grilling areas, and sundeck. The property will be adjacent to New Britain Village Square, a 143,000-square-foot retail center anchored by Giant and including four restaurants and other retailers.