Friedman Realty Group, Inc. Acquires Willowyck Apartments In Upper Gwynedd; Upgrades And Renovations Already Underway
LANSDALE, Pa. (PRWEB) January 23, 2018 -- Friedman Realty Group, Inc.(FRG) has announced the acquisition of Willowyck Apartment Homes, a 308-unit apartment complex located on Sumneytown Pike in Upper Gwynedd Township, Montgomery County, Pennsylvania, just minutes from Route 363, Route 309, and the Pennsylvania Turnpike.
Willowyck Apartment Homes is a majestic garden apartment complex with large one-, two- and three-bedroom apartments, along with a clubhouse with a community room, a fitness center and pool, according to Brian K. Friedman, President and CEO of FRG and the managing General Partner of Willowyck Partners, LP. The property was purchased on Nov. 28, 2017, by Willowyck Partners, LP, an affiliate of FRG, for $62.5 million. JLL of Philadelphia represented the seller.
“This may not be our biggest complex but it is certainly the best,” said Friedman.
Originally constructed between 1972 and 1975, the apartments already are undergoing an extensive renovation and modernization program.
Inside the Willowyck complex’s spacious apartments, the kitchens and bathrooms are being gutted and are being updated with beautiful kitchen cabinetry, quartz countertops and stainless steel appliances, including a built-in microwave, tiled backsplashes, new luxury vinyl plank floors in the kitchen and dining room, new ceramic tile bathrooms with modern fixtures, with private washers and dryers in each apartment, Friedman said.
“The Resident Clubhouse will undergo a stunning transformation beginning with a new barn doorway, new flooring, renovated fireplace and a ceiling structure comparable to no other,” Friedman said. “After that, we’ll put in new furniture in an updated layout, a new flat-screen TV over the fireplace, a pool table, remodeled kitchen and more. The fitness center also will be remodeled during the winter and coming spring, at the same time as the clubhouse.”
In addition, each of Willowyck’s 3-bedroom ranch-style apartment homes will receive vinyl plank floors through the living room with new exterior vinyl siding, new outdoor lighting, updated hardscaping and garden areas, and new fencing with a private gate. The ranch-style apartments are unique in that they offer space and privacy comparable to a single-family home – including a large living space with plenty of storage, high ceilings, and a private patio and garden, Friedman said.
Plans for massive exterior renovations and upgrades are also in full swing. Extensive tree trimming, tree removal and shrub removal as needed, which will set the stage for a beautiful new landscape design coming this spring, Friedman said. Also, there will be updated exterior pole lighting and carriage lighting will be enhanced with white LED fixtures.
Willowyck residents will enjoy beautiful new landscaping, as well as major concrete walkway improvements and a newly paved parking lot, Friedman said. There will also be updated property amenities, including sitting areas, resident grill areas, and a brand new “Bark Park.” In addition, the pool will be renovated with new surfacing, border stone, with updated outdoor lounge and furniture.
Dashing Designs, Inc., a well-respected commercial and residential interior design firm based in Cherry Hill, NJ, is coordinating much of the Willowyck renovation effort. Marcy Dash Friedman, President and Owner for over 40 years, has provided design services for a number of well-known companies including Auto Lenders, Surety Title Corporation, J&J Snack Foods, Frankford Candy, The Bloom Organization and a host of residential clients.
“Willowyck is a tremendous property in a great location, and we believe with our time-tested approach, including quality renovations and improved management – we can make the Willowyck community the darling of Montgomery County,” said David Friedman, Vice President for FRG.
In addition to its inherent amenities, Willowyck offers other advantages, he noted, such as access to many of the area’s major employers, including Merck’s West Point Campus, as well as great area shopping and dining. In addition, Willowyck is located within a short drive to major roadways, including Routes 363 and 309, I-476, and the Pennsylvania Turnpike.
Willowyck Apartments is not FRG’s first venture into the Upper Montgomery County/Chester County region. In March, 2017, an affiliate of FRG acquired the Phoenix View Apartments (formerly named Breckenridge Plaza) on Nutt Road in Phoenixville, Chester County. The complex is comprised of 48 two-bedroom apartments, 40 one-bedroom apartments and 4 studio apartments. Built circa 1970, the three-acre property includes five 2½-story brick on block buildings with pitched roofs. The property is currently undergoing extensive renovations and upgrades.
In September 2015, an FRG affiliate purchased a 128-unit garden community, known as Village Square Apartments in Harleysville, located in Lower Salford Township, Montgomery County. FRG also has undertaken extensive renovations of that property, which includes 64 one-bedroom/one-bath apartments, 64 two-bedroom/one-bath apartments, and a Class A clubhouse constructed on a 12-acre parcel. The clubhouse includes a full-service leasing office, a great room, business center and a fitness center. Adjacent to the clubhouse is a swimming pool with a lounge area, as well as a children’s recreational playground and a dog “Bark Park.” The rear end of the property abuts a county trail system that spans over seven miles and connects to various local parks throughout the area.
About Friedman Realty Group, Inc.
Friedman Realty Group, Inc. is a family-owned and operated professional real estate investment firm accredited by the Institute of Real Estate Management of the NATIONAL ASSOCIATION OF REALTORS®. Since 1975, Friedman Realty Group has restructured, repositioned, and managed more than 150 investment properties located in New Jersey and Pennsylvania. According to FRG they are also looking at New York, Maryland and Washington D.C. for expansion. For more information, visit http://www.frginc.com.
Thomas Derr, SPRYTE Communications, 2155454715 Ext: 29, [email protected]
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