Apartments at Magnolia Place
650 W. Cypress Street; Kennett Square, PA 19348
- Property TypeMixed Use
- NeighborhoodChester County
- Number of Units34
- Lot Size1.33 acres
- Year Built2015
- Chester County: Highest per Capita Income in Pennsylvania ($84,741)
- High Visibility Location: “Main & Main” Location
- Newly-Constructed: 2015 Construction
- Strong Retail Tenant: Victory Brewing Company on 10-Year Lease with (2) Five-Year Options
- Unique Product: Only “Class A” Rental Property within Walking Distance of Downtown Kennett Square
- Strong Occupancy: Currently 100% Occupied
On behalf of ownership, Rittenhouse Realty Advisors is pleased to offer for sale the fee simple interest in The Apartments at Magnolia Place. This newly-constructed, mixed-use property is located in highly sought-after Kennett Square, Chester County, Pennsylvania. Chester County is the highest per capita County in Pennsylvania ($84,741). Kennett Square was named one of the Top 10 “Cool Small Towns in America” by Budget Travel Magazine and is known worldwide as the “Mushroom Capital of the World” because their mushroom farming produces over one million pounds of mushrooms per year.
The Apartments at Magnolia Place is a four-story building with an elevator and sprinkler system that was constructed in 2015. The property consists of 33 apartment units and 8,138 square foot of street-level retail leased to Victory Brewing Company (www.victorybeer.com). Victory Brewing Company (Victory) is a privately-held craft brewery founded in 1996 in Downingtown, Pennsylvania. In its first year, Victory brewed 1,725 barrels of beer. Since then, the brewery has expanded into three brewpubs (Downingtown, Kennett Square, and Parkesburg, Pennsylvania), and produced 125,713 barrels of beer (as of 2014). It has grown considerably and evolved well outside the traditional small market of a beer-brewing restaurant with distribution to 37 states and 9 countries. Victory spent ±$2,000,000 in fit-out costs, and designed, built and installed this well-known brewpub that features an open fermenter and glass walls for visitors to view the vessels and brewers at work. In April 2015, it commenced on a ten-year net lease with annual rental increases of 3.75% and two, five-year renewal options.
This new, luxury apartment community has an excellent unit mix with 27, one-bedroom units (82%) and 6, two-bedroom units (18%). All units have high-end finishes that include in-unit washer/dryer, dishwasher, garbage disposal, granite countertops and individual heat pumps with central air conditioning. The Apartments at Magnolia Place is 100% occupied and is unique to the marketplace as it is the only “Class A” newly-constructed apartment property in one of Chester Counties hottest up and coming areas – Kennett Square. The property is within walking distance of Downtown Kennett which boasts some of the best restaurants and bars in all of Chester County. Townhomes directly behind the property sell in the mid to upper $600,000’s and have been popular with young professionals.
The Apartments at Magnolia Place is a rare opportunity to buy a newly-constructed building in highly sought-after Chester County with an attractive return and an excellent retail tenant with a long-term lease in place.
Note: Video features the interior of Victory Brewing Company as well as an ADA-apartment unit.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
View Larger Map