The newest addition to Atwater in Malvern just brought in more than double the price per acre compared to previous office projects in the Trammell Crow Co. mixed-use development, proving that the firm’s 2011 pivot from office space to residential was the right move.
“The story is how much more valuable residential land is than office land,” said Senior Managing Director Jeff Goggins in a Philadelphia Business Journal report by Natalie Kostelni. “There isn’t much demand for office at this time, and people aren’t clamoring to build office. The residential side is where the market is going.”
The latest Atwater deal came when Sage Senior Living bought 25 acres for $14.5 million to build the first 250 of what could become 400 senior living, independent living, assisted living, and memory care apartments.
Sub-developer Reiser Land Development has also seen success selling homes, apartments, and retail at Atwater.
“Malvern and that location at the new interchange has made that area very desirable,” Bill Reiser said.
Read more about the history of Trammell Crow’s stake at Atwater in the Philadelphia Business Journal here.