Newark Apartment Complex Celebrates $ 30 Million Renovation Project |
The refurbishment of the Thorn Flats and Lehigh Flats apartment complexes is close to the competition, marking their conversion from predominantly student accommodation to market-priced apartments.
Company and city officials gathered on September 15 to cut the ribbon on the renovated apartment complexes of Thorn Lane and Lehigh Road.
“You have set a standard for apartment living in Newark that, in my opinion, is pretty much unmatched at this point,” Mayor Jerry Clifton told company executives. “I cannot thank you enough for your investment in Newark and for the work you do to house the residents of Newark.
Formerly known as Studio Green and Park Place Apartments, the resorts were purchased in 2019 by the Galman Group for a combined price of $ 41 million. At the time, the apartments were foreclosed and 75% vacant.
Based in Jenkintown, Pa., Galman manages 6,000 apartments in the Delaware Valley, including Cooper’s Place near Brookside and Buckingham Place Townhomes off Old Baltimore Pike.
The $ 30 million renovation project included redesigned floor plans, new bathrooms and updated flooring, cabinets, fixtures and appliances. Galman also upgraded the pavilion, which now includes a movie theater, swimming pool, game room, business center, showroom kitchen, and pet spa.
The work was carried out building by building and should be completed by the end of October. The two complexes have a total of 700 units.
While Studio Green and Park Place were largely aimed at students – the previous owner was Campus Living Villages, which operates student housing complexes across the country and abroad – Galman targets employees at the University’s STAR campus of Delaware, professors, young professionals and others.
Unlike other developers who made similar promises and then turned to target students, Thorn Flats and Lehigh Flats are currently only 30 percent students, said Galman president Sam Goldstein.
The company is carefully monitoring the number of student tenants as student occupancy above 40 percent would affect the funding of the project, he added.
“The city of Newark is a thriving hub of innovation led by the growing STAR campus at the University of Delaware, as well as Wilmington-based research institutes that choose to expand here. Providing a high quality, premier residential community is essential to supporting Newark’s evolution, ”said Goldstein. “Thorn Flats is another rung of the infrastructure ladder that is helping to cement Newark as a leader in the technology industry.”
Rent starts at $ 1,103 per month for a studio and can reach $ 1,629 for a two-bedroom unit with a boudoir.
During the ceremony last week, Galman donated 200 smoke detectors to Aetna Hose, Hook and Ladder Company, which has a station adjacent to Thorn Flats.
“We’ve been neighbors since 1985, so we’ve seen this property here change a lot over the years – some for good, some for bad,” said Aetna chairman Dan Seador. “I dare say that some previous owners really struggled to make this a flagship resort. I think most of them failed. I’m looking around today for what you have here, and it’s amazing. It really is a centerpiece. We are happy to be neighbors of this project.