New apartment complex to rise in Chalfont

J.G. Petrucci Co. Inc. is making a bet that an apartment complex constructed next to a train station in Chalfont, Pa., will attract renters and be a success.

For the last decade, the Asbury, N.J., developer has focused on transit-oriented development in suburban communities across the region. Its most recent project was in Warminster, Pa., at 330 Jacksonville Road. There the developer constructed the first phase of the Station at Bucks County, which had 257 apartments.

“We built it in 12 months and leased it in eight,” said Greg Rogerson, principal with the company. “It’s been very successful.”

Rents came in at $1.60 a square foot and the developer is moving forward with the final phase, which involves 151 apartments. The total project cost is $70 million.

The latest project is Patriot Station at Chalfont. Located walking distance from the Chalfont train station, the company broke ground today on the $15 million development at 14 Park Ave. It will have 69 apartments and rents are expected to come in between $1.75 and $2 a square foot. The project is expected to be done by next spring.

Part of the demand has come from a lack of new inventory in these suburban communities.

“There hasn’t been new product built for 40 years,” Rogerson said.

Next up is Lower Moreland where the developer is working on getting approvals for a 210-unit apartment complex on five acres across from the Willow Grove train station at the intersection of Davisville Road and Route 611.

Source: Philadelphia Business Journal