CBRE, a commercial real estate company, announced on March 19th that it has listed for sale the Matson Mill apartment community on Conshohocken’s riverfront. CBRE is representing the Trammell Crow Company, whose subsidiary High Street Residential developed the property.
Matson Mill is one of the three new apartment communities located above the Matsonford Bridge and is located the closest to the new Conshohocken Train Station. A source with knowledge of the apartment market in Conshohocken shared with MoreThanTheCurve.com that the occupancy is likely approximately 95%.
The last big apartment community to be sold in Conshohocken was Londonbury (now named Lumina) in 2020. It sold for $72,450,000 according to property records. Riverwalk sold for $87,000,000 in 2019. Both are larger and have more units than Matson Mill. Riverwalk opened in 2005. Lumina, as Londonbury, followed in 2010.
The announcement from CBRE states the following:
On behalf of Ownership, CBRE, Inc. is pleased to present the extraordinary opportunity to acquire Matson Mill (“the Property”), a newly constructed, LEED certified, luxury residential community located in Conshohocken, Montgomery County, Pennsylvania. The Property features 280 apartments, consisting of a mix of one- and two-bedroom apartments, situated along the picturesque Schuylkill River. The Property occupies a transit-oriented location, adjacent to Conshohocken Station along SEPTA’S Manayunk/Norristown Line, which provides access to Center City Philadelphia within 30 minutes. Matson Mill is also walking distance to Fayette Street, providing convenient access to Downtown Conshohocken and its popular restaurant scene. Additionally, Matson Mill is located less than five minutes from the on-ramps to both I-76 and I-476, which provide vehicular access throughout the region. The Conshohocken office market is highly desired by employers, whose C-suite executives live in Gladwyne and along the prestigious Main Line. Residents also benefit from proximity to other major employment hubs such as King of Prussia, Plymouth Meeting, Blue Bell, Bala Cynwyd, and Radnor.
Developed by High Street Residential, a wholly owned operating subsidiary of Trammell Crow Company (TCC), Matson Mill was built in 2022 and represents an absolute core asset in a fortress location. In the month of February 2024, lease trade-outs across 25 leases averaged a 4.46% increase, demonstrating significant rental upside. The Property presents a rare opportunity to acquire a newly constructed, luxury residential asset in a transit-oriented, waterfront location within a top performing submarket.
You can view the entire listing here.