While AVE Newtown Square is no longer in our portfolio, we are growing nationally. Check out our other properties in the Greater Philadelphia area here.
AVE is excited to introduce its newest flexible-stay rental community, AVE Newtown Square.
The 250-unit apartment community located right off Route 252 in Newtown Square, Pennsylvania, formerly known as Verandas, marks the AVE brand’s fourth property in the Philadelphia suburbs.
“The acquisition of Verandas will enable us to bring our furnished apartment concept to Delaware County,” explains Lea Anne Welsh, president of AVE and COO of parent company Korman Communities. “There is a real need in this market for comfortable, flexible-stay accommodations.”
AVE Newtown Square is close to employment center Ellis Preserve and companies such as SAP North America and Main Line Health.
Korman Communities, headquartered in Plymouth Meeting, Pa., pioneered the furnished apartment concept with flexible leasing in the 1960s at The Plaza in Center City, Philadelphia, offering a solution – furnished apartments for stays of a few weeks to a few months – for individuals who are on extended business trips or life in transition, whether they relocating for work, doing a major renovation on their home, or just in between homes.
Korman Communities also pioneered the hospitality approach to multifamily residential decades ago and has already started elevating the lifestyle at AVE Newtown Square, bringing an experienced management team on site seven days a week to offer high-touch service and unparalleled amenities. “Everything we offer from our teams being on site to provide dedicated services to our on-demand business and resort amenities is to ensure our residents are comfortable and feel taken care of,” says Welsh.
AVE Newtown Square will offer 1-, 2- and 3-bedroom fully furnished suites, as well as luxury apartments for those who enjoy carefree living year-round. The community boasts 6,500 square feet of indoor amenities space including a 24-hour fitness center, yoga room, business center, and club room with pool table, comfortable seating, fully equipped bar, dining area, and large TVs for entertainment. There is also an outdoor resort pool, bocce ball court, fire pit lounges, and a fully equipped outdoor kitchen area with bar.
The multifamily property was developed by Cornerstone Communities. The new construction is one of the first multifamily communities to be built in Newtown Square in decades, possibly as many as 50 years.
Korman Communities first learned of the Newtown Square project back in 2007. “We are very proud of this acquisition,” says Welsh. “It was an ideal property to add to our growing portfolio.”
Welsh adds Korman’s long-standing and great partnership with Cornerstone has also led the two companies to a joint venture on another multifamily project at the Village of Valley Forge in King of Prussia, Pa., that will also operate under the AVE brand. This state-of-the-art 273-unit new construction is scheduled to deliver in Late Fall 2017.