JAG, CP Capital Close Land Deal for Philadelphia Apartment Complex

Jefferson Apartment Group (JAG) and equity partner CP Capital have purchased 14-acres in Fort Washington, PA, a suburb of Philadelphia, to build a luxury apartment complex.

The community, located at 1125 Virginia Drive, will be comprised of 310 units across three five-story mid-rise buildings. A pedestrian promenade will connect the buildings, which will be situated among eight acres of open space. The promenade will also connect directly to Fort Washington walking and biking trails and provide access to adjacent retail.

The project will have 12,000 square feet of interior amenity space including a grand clubroom with a bar, lounge and double-sided fireplace; game area with billiards, shuffleboard, and pinball; poker room; leading-edge fitness center; resident movie theater; private dining room; and co-working area with micro-offices.

In addition, outdoor amenities will feature a resort-style courtyard area with swimming pool, grilling stations, fire pits, and abundant lounge areas. JAG is also debuting its first pickleball courts at this new community. There are also plans for a large dog park, along with two pocket parks across the property. The site will feature surface parking, garage parking options, and EV charging stations.

The project is expected to break ground in February 2023 with delivery in late 2024.