NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--GMH Communities (“GMH”) today announced it has broken ground on The Caswell at Runnymeade, a best-in-class, 249-unit multifamily community in Newtown Square, Pennsylvania. Located just 15 miles from Philadelphia in Edgmont Township, Delaware County, The Caswell at Runnymeade will consist of two, four-story buildings with underground parking. The development is a joint venture partnership with AEW Capital Management, L.P. and is slated to open spring 2023, with preleasing to begin winter 2022.
The Caswell at Runnymeade will sit just east of Ridley State Park, minutes away from Route 3 (West Chester Turnpike), Route 1, and Interstate 476, providing easy access to Philadelphia and major surrounding cities including West Chester, King of Prussia, and Media. Conveniently down the road in popular Newtown Square, nearby stores and restaurants include Whole Foods Market, ACME Markets, Rite Aid, Michaels, Wawa, Starbucks, First Watch, and more.
“At GMH, we seized the opportunity to continue to grow our residential living portfolio and develop one of the area’s premier apartment communities in our own backyard,” says Gary Holloway, Jr, President and CEO of GMH Communities. “With top-notch amenities and ample outdoor space for socializing and relaxation, The Caswell at Runnymeade will provide a beautiful home for young professionals, families, and empty nesters seeking a large apartment close to Philadelphia and its surrounding suburbs.”
The Caswell at Runnymeade will offer a variety of floor plans to cater to an array of lifestyles from one- to three-bedroom options ranging from 805 to 1,623 square feet. Apartments will contain spacious bathrooms, stainless steel appliances, and modern finishes and smart tech features throughout. Additional in-unit features/design includes walk-in closets, energy-efficient appliances, designer showers, balconies or terraces, and more.
“There is strong demand for highly amenitized rental apartment communities that emphasize outdoor activities and healthy living. We are excited to partner with GMH to create an inspiring space that will enhance residents’ experience,” said Michael Byrne, AEW Chief Investment Officer and Head of Private Real Estate and Debt.
Community amenities at The Caswell at Runnymede will include a state-of-the-art fitness center, motion studio, golf simulator, movie theater, arcade, clubrooms, private conference rooms, coworking spaces, and a lounge area. Residents will also be able to enjoy the outdoor amenities The Caswell at Runnymeade has to offer such as a courtyard with a pool, hot tub, outdoor theater, yoga area, kitchen, barbecuing area, multiple fire pits, and lounge seating.
To learn more about the development, please email info@thecaswellresidences.com.
About GMH Communities
Headquartered in Newtown Square, PA, GMH Communities is a dynamic, privately-held real estate company specializing in the acquisition, development and management of exceptional living communities throughout the United States. Since 1985, GMH has participated in over 300 transactions representing more than $8 billion of gross asset value across all major property types. For more information, visit www.gmhcommunities.com.
About AEW Capital Management, L.P.
Founded in 1981 and celebrating its 40th anniversary, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $88.6 billion of property and securities in North America, Europe and Asia (as of June 30, 2021). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities. For more information please visit www.aew.com.
