Successful Lease Up of 75 % of Phase I Prompts The KRE Group and The Silverman Group to Launch New Phase of 276 Apartments
BETHLEHEM TOWNSHIP, PA – The first residential phase of Madison Farms, the mixed-use community being developed in Bethlehem Township, is now 75 percent leased, development partners The KRE Group and The Silverman Group announced today.
The first phase of the project has delivered 294 rental apartments and 123,000 square feet of complementary retail space to the Lehigh Valley, with another 40,000 square feet of retail space currently under construction. Now, that strong response from residential renters has prompted the developers to launch Phase II of the project.
Construction began this month on the 276 rental residences that will comprise Phase II. The full build out of Phase II is scheduled for completion in the second quarter of 2018, with the first building scheduled for completion in the second quarter of 2017.
The KRE/Silverman partnership decided to begin construction of Phase II now because of the overwhelming success of Phase I, noting that demand for the community’s luxury apartments will soon outpace supply.
“The leasing pace at Madison Farms continues to be very strong,” said Jeremy Kaplan, Chief Operating Officer of The KRE Group. “With 75 percent of our current apartments leased and activity in our retail village booming, we believe that now is the ideal time to launch Phase II and double down on our investment in this community.”
The rental success of Madison Farms mirrors the success of the thriving retail village that has risen on the site, with more than a dozen shops and restaurants, including ShopRite, Starbucks and Pet Valu. Residents have a short walk to the retail village as well as to the community’s clubhouse and outdoor pool, providing the type of pedestrian-friendly experience the property’s developers envisioned. Pocket parks, ponds, bike paths and more are all planned for the community as well. Ultimately, the project will comprise 837 luxury residences built in multiple phases across approximately 100 acres of property.
The rental residences at Madison Farms range in size from 790 to 1,375 square feet. Six floorplans are available, including both one-bedroom, one-bath and two-bedroom, two-bath designs. Prices start from $1,320.
All apartments at Madison Farms include luxurious features and appointments such as laminate hardwood floors in the living areas, under mounted sinks, front loaded washer & dryers and plush, carpeted bedrooms. Chef-inspired kitchens include stainless steel appliances, gas ranges and top-of-the-line dishwashers and microwaves. Several buildings at Madison Farms are pet friendly and all of the facilities, including the apartments, will be smoke free. All buildings are elevator serviced. Amenities in the 7,500 square foot clubhouse include a state-of-the-art fitness center, yoga room, billiards, ping pong, media room, large screen TVs, and a cozy lounge area with fireplace and WiFi.
For more information on Madison Farms or to schedule a tour, call (610) 628-4063 or visit www.MadisonFarmsRentals.com. The leasing office is open seven days a week, from 10 a.m. to 6 p.m. Monday through Friday, 11 a.m. to 5 p.m. on Saturday and 11 a.m. to 4 p.m. on Sunday.
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