Korman AVE Apartments

Role

RPL provided due diligence and development oversight services on behalf of an institutional equity partner.

Unique Approach

• Partner owns and operates similar projects in and around Philadelphia
• Site redeveloped from warehouse/office use
• Some project delays because of weather and Covid-19 issues

Outcomes

• Achieved Substantial Completion
• Leasing well

Scope of Work

High-end short-term furnished and market-rate unfurnished apartment project in affluent Philadelphia suburb, including extensive amenity areas and garage parking.

Project Summary

• Client: One of the largest institutional private equity investment firms
• Location: Blue Bell, PA
• Size: 270 units, 4 floors, 281,852 RSF
• Timeline: 2017 to 2020
• Services: Due Diligence
• Cost: $86 million
• Architect: Bernardon Architecture
• Contractor: Bozzuto Construction Company