The North Crossing Apartments, a 145-unit complex in Willow Grove, Upper Moreland Township, has been sold for $27.6 million to Friedman Realty Group of South Jersey. Built in 1970, the property was 97% leased at the time of sale, reflecting strong demand in the suburban Philadelphia rental market. (Philadelphia Business Journal)

Planned Renovations and Upgrades

The new owners plan to invest several million dollars into extensive renovations, which will include:

  • New siding, lighting, and landscaping

  • Updated kitchens and flooring in all units

  • Potential addition of a clubhouse with a fitness center, a barbecue area, and a dog park

Once completed, rents for the modernized one- and two-bedroom units are expected to range from $1,500 to $2,200 per month, reflecting the increased value of upgraded apartments in the area.

Location and Accessibility

North Crossing Apartments is strategically located off Welsh Road, near the Pennsylvania Turnpike and the Willow Grove Park Mall, providing convenient access for commuters and residents seeking retail and dining options. The location enhances the property’s appeal for long-term tenants and investors alike.

Friedman Realty Group’s Expansion

This acquisition expands Friedman Realty Group’s portfolio to 25 apartment communities across South Jersey and the Philadelphia suburbs. The company is known for revitalizing properties, improving amenities, and enhancing overall tenant satisfaction.

What This Means for the Willow Grove Real Estate Market

  • For Investors: Renovation plans and a prime location suggest potential growth in rental income and property value.

  • For Renters: Expect modernized units with updated interiors and enhanced community amenities.

  • For Real Estate Professionals: Strong leasing activity and ongoing upgrades indicate continued demand for rental housing in the Upper Moreland area.

The sale and upcoming renovations at North Crossing Apartments underscore continued growth and investment in the Philadelphia suburban rental market, making Willow Grove a key area to watch for both renters and real estate investors.

Source: Philadelphia Business Journal