By Natalie Kostelni – Reporter, Philadelphia Business Journal
Dec 3, 2019, 2:55pm EST
Woodfield Investments has paid $8.94 million for a 5.23-acre parcel in Bala Cynwyd that is approved for a 205-unit apartment building.
At that price, the property at 130 Monument Road traded for $43,416 a unit.
The seller was Roseland Residential Trust, a subsidiary of Mack-Cali Co., a New Jersey real estate investment trust that has decided to focus on owning and developing residential and office properties along New Jersey’s waterfront. That has meant divesting properties it owns in other markets such as the Philadelphia suburbs.
The Bala Cynwyd apartment market has grown in recent years and the development of 130 Monument would add to a number of projects either underway, completed or in the planning stages for that Lower Merion community.
Westrum Development has under construction a 173-unit complex at 9 Presidential Blvd. and Nolen Properties has a 285-unit complex at 335 Righters Ferry Road that is nearly completed. Royal Athena, which was developed a few years ago, has 275 apartments and an adjacent undeveloped parcel could bring that project to a total of 600 units. Federal Realty Investment Trust has proposed an 87-unit apartment complex at the Bala Cynwyd Shopping Center and Tishman Speyer is in the early stages of a multi-phased development that would bring 755 apartments to its Bala Plaza complex.
The 130 Monument sale was arranged by Mike Margolis, Dave Dolan, Jeff Mack and Dave Garonzik of Newmark Knight Frank.