Best Real Estate Deals of 2021: Multifamily Winners
03/31/2022
Best Multifamily Development | First Place | 555 Flats
555 Dresher Road, Horsham
BET Investments Inc. redeveloped a 100,000-square-foot underutilized office building in the Horsham Business Park that also served at one point as its headquarters into a $43 million, 256-unit apartment community. The new complex at 555 Dresher Road in Horsham has 40,000 square feet of outdoor amenity space with a resort-style pool, grilling stations, three fire pit areas, a bocce court and an outdoor exercise area. Horsham Power Line Trail adjoins the property. The project has become a model for development that can be applied to other business parks that have been in a state of contraction.
Responding to input from BET Investments and other stakeholders in the business center, the township worked with the Montgomery County Planning Commission and the stakeholders to reinvent the business park. This resulted in a zoning overlay that permitted a variety of uses in the central core of the park including multifamily use. The project represents a significant reinvestment in the region to help stabilize the tax base of the township and ensure the highest and best use of the property.
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