JAG, CP Capital US Close Land Deal for 14-Acre Fort Washington Development
Feb 01, 2023
Bringing 310 Luxury Units with Pickleball Courts to Expanding Philadelphia Submarket
(Fort Washington, PA) January 30, 2023 – Jefferson Apartment Group (JAG), a leading multifamily developer and operator specializing in premier apartment communities on the East Coast, and equity partner CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, have closed on the purchase of 14-acres in Fort Washington, Pennsylvania, a highly desirable, mature suburb of Philadelphia.
The community, located at 1125 Virginia Drive, will be comprised of 310 luxury units across three 5-story mid-rise buildings. A pedestrian promenade will connect the buildings, which will be situated among 8 acres of open space. The promenade will also connect directly to Fort Washington walking and biking trails and provide access to adjacent retail.
The project will showcase 12,000 square feet of interior amenity space to include a grand clubroom with a bar, lounge and double-sided fireplace; game area with billiards, shuffleboard, and pinball; poker room; leading-edge fitness center; resident movie theater; private dining room; and co-working area with micro-offices.
In addition, extensive outdoor amenities will feature a resort-style courtyard area with swimming pool, grilling stations, fire pits, and abundant lounge areas. JAG is also debuting its first pickleball courts at this new community. There are also plans for a large dog park, along with two pocket parks across the property. The site will feature surface parking, garage parking options, and EV charging stations.
The units will feature top quality finishes to include stainless steel appliances, quartz countertops, tile backsplash, and plank flooring.
“We’re very pleased to be partnering with CP Capital for this unique development in a thriving location,” said Drew Chapman, JAG Senior Vice President and Development Partner. “Fort Washington is an in-demand area flush with top schools, great restaurants, ample recreational options, and major employers. In fact, it’s the third largest office market in Pennsylvania, behind Philadelphia’s City Center and King of Prussia.” Ally Financial, Unisys, Toll Brothers, Nutrisystem, Aurinia Pharmaceuticals, and Temple University are among Fort Washington’s major employers.
The development parcel, the site of a former ADP office building, provides immediate access to the Pennsylvania Turnpike (I-276) and easy accessibility to major employment centers with a 20-minute drive to King of Prussia, 30 minutes to Center City, and just 90 miles to New York City. Residents will benefit from the adjacent walking and biking trail as well as local retail options including Wawa, LA Fitness, CVS, Walmart, Sam’s Club, Sprouts, Lululemon, Chipotle, Chick-fil-A and Starbucks.
“Fort Washington provides residents with excellent connectivity to a diverse mix of employment nodes throughout the greater Philadelphia MSA,” said John Begley, Vice President of Investments at CP Capital. “The area continues to draw new residents by presenting young professionals and families with a high quality-of-life, exceptional schools, and ample lifestyle amenities. We’re thrilled to establish a new partnership with Jefferson Apartment Group, an accomplished and well-respected developer, to ensure the long-term success of this exciting development.”
The project is expected to break ground in February 2023 with delivery in late 2024.