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Location: Glen Mills, PA
Community: 491 Active Adult Single and Multi-family Clubhouse Community
Average Sales Price: $213,000
Acquisition Date: June 1995
Exit: Direct Sales to Homeowners
Exit Date: March 2002

Market Opportunity:
Pent up demand for multifamily and single family housing in Concord Township as a result of a sewer moratorium preventing new construction. Other builders passed on the opportunity to purchase land in this township due to lack of sewer capacity. McKee identified an opportunity to construct a sewer treatment plant in the area to enable development and fully realize the value of the property.

Investment Approach:
  • McKee led a consortium of developers which proceeded to permit, build and construct a regional sewer plant and supporting facilities.
  • Obtained entitlements for active adult multifamily and single family clubhouse community.
  • Purchased improved lots, sold and constructed homes on a phased development basis.