Thursday, August 2, 2012

The Crossings at Mill Creek Sells for $22.7M

Local multifamily property owner and manager Morgan Properties, along with institutional investor AIG, sold the 338-unit multifamily complex at 2000 Swarr Run Rd. in Lancaster, PA for $22.65 million, or about $67,000 per unit. The new owner, The Westover Companies, is a locally based regional real estate investment company that develops, owns, and manages multifamily, office, and retail properties across the Mid-Atlantic states.

Built in 1971, The Crossings at Mill Creek is a 327,604-square-foot multifamily community located in the Lancaster County submarket of Philadelphia. The property consists of 84 one-bedroom units, 170 two-bedroom units, and 84 three-bedroom units. Each unit has a full kitchen that includes a dishwasher and separate dining area. The majority of the units have washers and dryers. The community also has laundry facilities, swimming pools, and playgrounds.
www.omegare.com

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