COURTYARDS AT CHERRY CREEK

Location: West Chester, PA
Community: 119 Luxury Townhomes
Average Sales Price: $482,000
Acquisition Date: June 2002
Exit: Direct Sales to Homeowners
Exit Date: June 2006

Market Opportunity:
Age targeted (empty nesters and young professionals), mixed use community in West Chester, Delaware County. McKee identified the opportunity and led a joint venture with two other builders to purchase and develop the property which was highly sought after due to its prime infill location. The community was approved for single family homes and townhomes.

Investment Approach:
  • Innovative land plan preserved the natural features of the wetlands and historic structures.
  • The joint venture installed the common area site improvements for the entire community and sold partially improved lots back to the joint venture partners.
  • McKee’s market analysis pointed to a stronger demand for townhomes, and as a result, McKee elected to purchase the townhome lots from the joint venture.
  • Sold and constructed homes on a phased development basis.