Friday, April 3, 2015

Cornerstone Sells Montgomery Mills for $56.4M

International real estate investment company CBRE Glboal Investors has acquired the Montgomery Mills multifamily community at 1000 Regatta Cir. in Norristown, PA from Cornerstone Communities for $56.46 million, or about $167,000 per unit.

The 338-unit apartment property totals 364,486 square feet. It delivered in 2004 on 30.8 acres in the King of Prussia / Norristown submarket of Philadelphia's Montgomery County. It is comprised of a mix of one- and two-bedroom apartments and three-bedroom townhomes across 23 garden-style buildings.

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