The Apartments at Smithfield Gateway

On behalf of Ownership, GREA extends qualified investors the opportunity to acquire the fee-simple interest in a 260-unit multi-family development site located in Smithfield Township, Monroe County, Pennsylvania. Located in Northeastern Pennsylvania, Monroe County borders the Lehigh Valley and Wyoming Valley. It is one of the fastest-growing counties in the state of Pennsylvania. The site borders East Stroudsburg, the largest municipality in Monroe County, and sits just off Route 80 the highest traffic road in the Pocono Region.

The parcel offered for multifamily development is a central piece of a much larger development known as the Smithfield Gateway Project. The Project will be a significant addition to the region providing over 400,000 square feet of commercial space and 500± residential units (200 of which are 55+). St Luke’s University Health Network has leased 40,000± square feet for a new medical center, and in April 2023 opened St. Luke’s Smithfield Gateway Health Center to patients. In addition, Wawa has signed a lease for a site at the corner of Mosier Farm Drive and PA Route 209 and has started construction on its new store. The other phases of the Smithfield Gateway Project include 200 age-restricted residential units, a hotel, a restaurant, fast food options, and other retail stores. The entire Smithfield Project sits on 120±/- acres. Given the size of the Smithfield Gateway Project and its importance to the township (and county), the local government has committed funds for road improvements. The entire Project has been planned out in Phases and will consist of over $100m in new construction.

The 9.17-acre multifamily site sits at the core of the Smithfield Gateway Project and will be surrounded by some of the largest commercial operators in Pennsylvania - Wawa and St. Luke’s. The unit mix for this residential site consists of (130) one-bedroom apartment units (30 of which will contain a den) and (130) two-bedroom apartment units (the township has indicated its willingness to discuss the unit mix with a developer as well as increasing the unit count to 300).

The Poconos were once seen as the Honeymoon Capital of the US. Today, the region is still known for its beauty, however, the growth of the market is often overlooked. This Project will be a significant component of the expansion of the area and will be highly sought after as there is almost no luxury product in the market. The location will be a major driver for tenants as it is in the heart of the Pocono Mountains, and within minutes of the Delaware Water Gap National Park. This development provides the new owner the opportunity to have a major impact on one of the fastest-growing counties in Pennsylvania.

The Apartments at Smithfield Gateway is offered through GREA - Philadelphia, as an Exclusive Agent, in Alliance with Legend Properties, Inc. and DEPG Development Project.