Friday, July 12, 2019

King of Prussia Apartment Projects Are Leading the Philadelphia Metro Area in Lease-Up Pace

Almost 2,000 new, luxury apartment units have delivered in King of Prussia, Pennsylvania, just in the past two and a half years. While this rapid growth in high-end apartment options would cause apartment fundamentals to buckle in plenty of Philadelphia suburbs, tenant demand has been sufficient to match the new supply in King of Prussia, where new apartment deliveries are leasing up at the fastest rates of any projects throughout the Philadelphia metro area.

Three developments with more than 250 units delivered in King of Prussia last summer, including Hanover King of Prussia, Park Square and AVE King of Prussia. One year later, all three of these properties are more than 70% leased.

While large apartment properties that delivered in the Philadelphia metro area during the past two years have averaged 15 move-ins per month over the course of lease-up, within King of Prussia, it has been 30% faster, averaging just over 19 units per month.

Most of King of Prussia’s recent multifamily projects have delivered within the Village at Valley Forge masterplan development. The mixed-use and pedestrian friendly layout of Village at Valley Forge allows local residents to walk to the grocery store, as well as to local bars and restaurants.

These selling points are likely helping boost interest in King of Prussia’s new apartment stock, as there are very few pedestrian friendly enclaves in Philadelphia’s far western suburbs, which are dominated by major highways and sprawling office parks and shopping malls.

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