Waterton, a national real estate investor and operator, announced it has acquired The Point at Glen Mills (The Point) in Glen Mills, PA marking its first acquisition in the Philadelphia metro. Located in the Brandywine Valley area, approximately 30 minutes from Philadelphia (and about an hour from Wilmington, DE), the 13.6 acre rental community has convenient connectivity to several employment centers across the region. The Point consists of five four-story mid-rise buildings – including nearly 10,000 square feet of amenities — and Waterton will rebrand the property as Heights at Glen Mills and execute a light value add renovation including updates to residences and common areas.
“We saw The Point as an excellent opportunity to expand our East Coast footprint,” said Jeremy Stern, vice president, acquisitions at Waterton in a statement. “We believe the location, in terms of proximity to employment and access to the Garnet Valley School District, made The Point an attractive addition to our portfolio, while the large, open floor plans provide attainable access to rental housing relative to the cost of homeownership.”
The community offers a mix of one- and two- bedroom apartment homes with Juliet balconies and a den or loft in select residences. The amenity set includes nearly 10,000 square feet of space in a two-story clubhouse that includes a well-appointed leasing center, resident workspace, conference facility, lounge, catering kitchen and a large fitness center with a yoga studio. The property also includes 56 attached and 46 detached garage options.
The physical condition of the property provides opportunity for Waterton to execute a light value add program focused mainly on simple updates to residences and broader upgrades to common areas, mechanical systems and exterior features. The residences offer floorplans that are larger than average in this market. The floorplans include new construction-quality finishes and Waterton will add mobile kitchen islands to those residences not already equipped with the added counter space, faux wood blinds and a tech package. Common areas, including a new pickleball court, will also be updated with modern furniture and finishes while the well-appointed workspace will be refreshed to accommodate remote work trends.
Built in 2016 and proximate to job centers along the Rte 202 corridor as well as downtown Philadelphia and Wilmington, DE, The Point is located in the Garnet Valley School District, consistently ranked in the top five percent of districts in Pennsylvania. The location has convenient access to major employers such as QVC, Vanguard, Wawa, JP Morgan, Children’s Hospital of Philadelphia, Mainline Health and Boeing. Residents at The Point also benefit from more than one million square feet of retail and entertainment options just minutes from the property including Whole Foods, Wegmans and Target in addition to numerous restaurants, green spaces and private golf courses.
“The strong demand for assets along the route 202 corridor coupled with the lack of development in the submarket and limited construction pipeline, in our opinion, creates a favorable supply-demand dynamic,” said Stern. “We believe The Point is a rare find in this enclave of suburban Philadelphia with multiple nearby employment centers and a diverse array of built-in amenities found in the Brandywine Valley area.”