Rodman Properties is Building Luxury Apartments
Rodman Properties, Inc. is no stranger to changing its acquisition and management platforms to adapt to changes and volatility in the ever evolving apartment market. Several years ago, Rodman saw an opportunity in purchasing and managing affordable communities in its core markets, which has proven to be a challenging yet successful venture. More recently, Rodman is seeing an opportunity in an area of real estate investing that is brand new to the company; new construction.
For the first time in 20 years, Rodman is pursuing building brand new, luxury apartments that fit the requirements of today’s, modern-day renters. As the existing pool of garden apartment communities ages and becomes more obsolete, the company believes that new units, with better amenities and modern features will be absorbed quickly. It also seems economically sensible, because on a relative basis, the cost of building new apartments is not that much more expensive than buying 30 year old apartments in desirable areas, and unlike several years ago, construction lenders are hungry to put their money out for this type of product.
Rodman has been fortunate enough to own apartment communities with additional acreage that in several cases is being developed into brand-new second phases. High Pointe Overlook in Susquehanna Township was the company’s first attempt at this concept and it has done very well. Glenbrook East in Stroudsburg will have two more buildings with elevators constructed within the next 12 months. The company is also in discussion with local municipalities to ad new units to Springside Manor, in Shillington, PA and Lexington Village in Nanticoke, PA.
Perhaps the most exciting new project for Rodman is its pursuit to acquire a 21 acre parcel of ground in Mechanicsburg, PA for a 196-unit, fully amenitzed apartment community. We are presently equitable owner of the land and have recently received preliminary approval from township officials for the design concept we envision for this development. The company’s goal is to begin construction in the summer of 2013.