Following a $41 million acquisition of Newark properties, The Galman Group announced Monday it has completed the first stage of its planned $30 million investment in the residential communities at the Lehigh Flats and Thorn Flats apartment communities.
The Jenkintown, PA property management company is making multi-million-dollar upgrades to more than 400 residential units at Thorn Flats and nearly 300 at Lehigh Flats. One year after renovations commenced, 100 apartments at Thorn Flats and 80 at Lehigh Flats are back online. Redesigned floor plans, as well as new flooring, cabinetry, fixtures, and appliances, including an in-unit full-size washer and dryer, and new bathrooms, are among the renovations.
“We take pride in focusing on the finest of details when creating interior and exterior designs for all of our properties,” said Sam Goldstein, president of Galman Group. “We want to provide residents with a high-quality living space that includes the latest trends and designs for the place they call home.”
Clubhouse renovations and new construction are also near completion. Updates include an outdoor lounge area with a resort-style pool, modern entertainment system, kitchen and fire pit; a modern fitness center, business lounge; and a premium, on-site coffee bar.
Prior to The Galman Group’s May 2019 acquisition, the properties were in foreclosure and 75 percent vacant. Despite the delays caused by the pandemic and related issues, both Thorn Flats and Lehigh Flats remain on schedule.
“Institutions in the science, technology, engineering and advanced research industries are drawn to Newark. As these sectors continue to grow their presence, The Galman Group wants to ensure their employees have a luxury option in the market,” said Goldstein. “Pushing the boundaries of Newark’s residential market is a critical step in supporting the ongoing development of the STAR Campus, ChristianaCare and the University of Delaware.”
The new Chemours Discovery Hub recently added 340 research jobs to the rapidly expanding STAR Campus. Soon after, The National Institute for Innovation in Manufacturing Biopharmaceuticals (NIMBL) added several dozen more to the campus. More growth is anticipated in 2021 when the $38 million FinTech Center opens.
Lehigh Flats, located at 650 Lehigh Road, consist of one and two bedroom units. Rental rates start at $1,074 and construction has an anticipated completion date of spring 2021. Thorn Flats, located at 91 Thorn Lane, consists of studio, one-bedroom and two-bedroom units. Rental rates start at $989. Renovations of the remaining units is expected to be completed by fall 2021.
Other Galman Group properties in Newark are the Buckingham Place Townhomes and Cooper’s Place.