Thursday, May 16, 2019

3 Montgomery County apartment sites up for sale

Natalie Kostelni Reporter Philadelphia Business Journal
Three development sites approved for multifamily development have been put up for sale in Bala Cynwyd and Conshohocken.

Those two Montgomery County communities have seen new apartment construction over the last decade that was generally well-received by the market. That these properties didn’t get developed speaks more to transitions with the ownership of the parcels rather than market conditions. 

Mack-Cali Realty Corp. is selling two multifamily development sites as part of an effort to exit from the Philadelphia region.

The company put up for sale 51 Washington Ave. in Conshohocken and 150 Monument Rd. in Bala Cynwyd. Roseland, an affiliate of Mack-Cali, bought the 3.24-acre Conshohocken property in December 2014 for $14.1 million, according to Montgomery County property records, and had anticipated breaking ground in the first quarter of 2015 but never did. At one point, the company projected it would move ahead with the proposed $70 million, 298-unit apartment project at the end of 2016. Again, it never didn't move forward.

Beginning in 2014, Roseland was also involved with a proposed $48.9 million multifamily project on 5.24 acres at 150 Monument Rd. in Bala Cynwyd that would have had 207 apartments. That project also never came to fruition.
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