(To read more on the multifamily market, click here.)
BETHLEHEM, PA-Woodmont Properties will break ground in September for Woodmont Mews, a 206-unit residential rental complex on 14.6 acres off Eighth Avenue near Route 378. Lewis Zlotnick, Woodmont's COO, tells GlobeSt.com the all-in cost is $30 million and expects completion in fall 2007.
The Parsippany, NJ-based developer acquired the land from locally based JG Petrucci Co. Inc. for an undisclosed price. The complex will contain nine three-story buildings with one- and two-bedroom units ranging in size from 1,014 sf to more than 1,391 sf. There will also be a clubhouse and outdoor pool.
Rental rates have not yet been determined, Zlotnick says, but they will be market rate. Rentals for one- and two-bedroom units at existing upscale properties in Bethlehem that are listed on the Internet, span a range of from $800 a month to $1,600 a month.
While Woodmont develops both condo and rental complexes, "we felt this market was right for rental, because there's not a lot there, and we think this represents an ideal opportunity for the growing population," Zlotnick says. "Bethlehem is thriving. The city has invested heavily in redevelopment that is resulting in a change in the community and local economy, and it has created demand for new residential development."
This represents Woodmont's continuing expansion in Pennsylvania. It recently participated in a joint-venture multifamily complex in nearby Lower Nazareth, and is currently obtaining approvals for a large residential/retail development in Butler County.
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