Source, Multi-Housing News, Tudor Sculca
LeCesse Development Corp. has obtained $14.5 million in preferred equity for the development of a mid-rise apartment community in King of Prussia, Pa. An HFF team worked on behalf of LeCesse to arrange the deal with Parse Capital.
Skye 750 will be a 248-unit, five-story apartment building with a mix of one- and two-bedroom units averaging 1,000 square feet. The community will feature amenities such as a clubhouse, fitness center, cyber café, swimming pool, summer kitchen, fire pit, a private movie theater, package delivery system, a juice bar and co-working space. Skye 750 is slated for completion in early 2020.
GROWING BUSINESS PARK
The property will rise on a 5.2-acre site within King of Prussia Business Park. Located off Pennsylvania Route 422, near the junction with Interstate 76 and just north of King of Prussia Mall, the mixed-use district will feature approximately 3.5 million square feet of office space.
The project also includes the addition of several parks and approximately 63,064 square feet of corporate meeting space as well as five hotels. Major employers such as Lockheed Martin, FEDEX, ebay, Goddard Schools and Broadview Networks will be located within the live-work-play environment. An extension of the Norristown High Speed Line through the business park is currently under discussion.
“Institutional investors like Parse Capital continue to show strong interest in the King of Prussia market for multi-housing development as a result of its wide employment base, centralized location in the suburbs of Philadelphia and world-class retail amenities,” said Ryan Ade, managing director at HFF, in a prepared statement. Ade, together with Managing Director Gregg Shapiro, represented LeCesse in obtaining the preferred equity.