Thursday, April 11, 2013

Lincoln Woods Apts Trade for $29.3M

BET Investments, Inc. acquired the 216-unit Lincoln Woods Apartments at 9801 Germantown Pike in Lafayette Hill, PA from TIAA-CREF for $29.3 million, or about $136,000 per unit.

The three-story, 10-building, 167,127-square-foot multifamily complex was built in 1991 on 22.8 acres in the Plymouth Mtg. / Blue Bell submarket of Montgomery County. The property offers a swimming pool, club house, fitness facility and access to public transportation. It was 98 percent occupied at the time of sale.

Berkadia Commercial Mortgage originated $25.5 million in acquisition financing through Fannie Mae's DUS platform. Jim Badolato, senior vice president with Berkadia negotiated the ten-year loan, providing 80 percent of the acquisition cost plus short-term capital budget.

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