Keystone Secures $42M for Monarq Office-to-Residential Conversion
Keystone has successfully secured $42 million in financing from Arbor Realty Trust to advance its ambitious office-to-residential conversion project, Monarq. This innovative development, located at 500 West Germantown Pike, is set to transform a 175,000-square-foot office building into a sophisticated 149-unit luxury apartment community. Monarq represents another major step in Keystone’s strategy to repurpose underutilized office spaces into high-end, walkable, and wellness-oriented residential properties, reinforcing the company’s reputation as a leader in office-to-residential redevelopment.
Keystone’s Vision for Adaptive Reuse
The real estate landscape has seen a growing demand for housing, particularly in urban and suburban locations that offer both convenience and modern amenities. Keystone has recognized this shift and is leveraging its expertise to meet this demand through strategic office-to-residential conversions. By revitalizing outdated office spaces and transforming them into vibrant residential communities, Keystone is at the forefront of a trend that is reshaping urban and suburban environments.
Monarq builds on the success of The Lyndon, another Keystone office-to-residential transformation within the historic Curtis building in Philadelphia. The Lyndon introduced 86 luxury residences into the market and has reached full occupancy, demonstrating the strong demand for high-end rental living in reimagined spaces. Encouraged by this success, Keystone continues to expand its residential portfolio with additional projects such as 400 Market, a 176-unit development in Philadelphia, and HYVE in Miami, a 221-unit residential project currently under construction.
A Bold New Residential Concept
Monarq is designed to set a new standard for suburban living by blending contemporary aesthetics with a wellness-focused lifestyle. The financing secured from Arbor Realty Trust brings Keystone one step closer to delivering a community that emphasizes design, social connectivity, and convenience.
“Monarq is a game-changer for this market,” said Rich Gottlieb, President and COO of Keystone. “With this financing, we’re one step closer to delivering a design-forward community that prioritizes well-being, social engagement, and convenience.”
The residences at Monarq are thoughtfully designed to maximize natural light, with select units featuring private balconies that provide additional outdoor living space. The project’s exterior will undergo a complete transformation, creating an inviting and modern architectural aesthetic. An elevated arrival experience will welcome residents and guests, setting the tone for a luxurious and community-focused lifestyle.
Prime Location and Connectivity
Monarq’s location at the Plymouth Meeting Mall campus is a key selling point. The surrounding area is undergoing a broader transformation into a vibrant town center, with additional residential developments in the pipeline. The mixed-use environment offers residents the perfect balance of urban energy and suburban tranquility.
Residents of Monarq will have direct access to Whole Foods, a variety of dining options, retail shops, and entertainment venues, all within walking distance. The development is also strategically positioned for commuters, offering seamless connectivity to major highways, including I-476 and I-276, making it an ideal location for professionals who work in Philadelphia or other nearby business hubs.
Wellness-Focused Living and Unparalleled Amenities
Keystone has meticulously planned Monarq to provide residents with an unparalleled living experience that prioritizes health, wellness, and social engagement. The community will feature a state-of-the-art fitness center, an indoor swimming pool, outdoor communal spaces, and co-working lounges that cater to modern remote work trends.
Additional amenities include a private screening room, thoughtfully designed resident social spaces, smart home technology integrations, and enhanced soundproofing for a quiet and comfortable living environment. The development will also offer abundant on-site parking, a valuable convenience in a suburban setting.
The Future of Office-to-Residential Conversions
The trend of repurposing office buildings into residential spaces is gaining momentum across the country. With shifting work patterns, including the rise of remote and hybrid work models, many office buildings have seen declining occupancy rates. Developers like Keystone are capitalizing on this opportunity by transforming these spaces into high-quality housing that aligns with the needs of today’s renters.
Keystone’s success with The Lyndon, Monarq, and other upcoming projects highlights the viability and growing appeal of this adaptive reuse strategy. These conversions breathe new life into existing structures, reduce the environmental impact associated with new construction, and contribute to the revitalization of urban and suburban communities.
Commitment to Excellence and Innovation
Keystone’s approach to development extends beyond simple renovations—it is about creating vibrant communities that enhance the quality of life for residents. The company remains committed to innovation, sustainability, and delivering residences that cater to modern lifestyles. By integrating smart design, premium amenities, and prime locations, Keystone is redefining what it means to live in a repurposed space.
The financing secured for Monarq marks a significant milestone in the project’s journey, bringing Keystone one step closer to realizing its vision for this dynamic new residential community. As work progresses, Monarq is poised to become a standout example of how strategic investment and forward-thinking design can transform an underutilized office building into a thriving residential hub.
