Monday, June 1, 2015

2 Valley Forge apartment complexes hit the market

Natalie Kostelni Staff Writer for Philadelphia Business Journal
Two apartment properties that are next door to each other in Valley Forge, Pa., have come up for sale.
O’Neill Properties Group has decided to sell the Lofts at Valley Forge, a 388-unit complex at 1876 Minutemen Lane. The property had been up for sale two years ago but a deal for it was never arranged.
“It’s a great time to sell,” said Brian O’Neill, founder of O’Neill Properties of King of Prussia, Pa. “We think it’s a good time to be out in the market.”
O’Neill is trying to seize on the frothy multifamily housing market while investors remain on the hunt for established properties that are performing well.
The complex, which consists of seven, four-story buildings, is about 97 percent occupied.
O'Neill said he is hoping a buyer comes along who is willing to pay $90 million, or more than $220,000 a unit, for the property that his company constructed.
The other property to come on the market is Riverview Landing at Valley Forge at 1776 Patriots Lane.
Also constructed by O’Neill Properties, the 310-unit building was sold by JP Morgan in November 2012 for $51 million, or $165,000 a unit, to Milestone Apartements REIT of Dallas, Texas. That complex consists of six buildings, a 5,000-square-foot clubhouse and pool as well as other amenities.
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