Thursday, September 22, 2016

RRG Norristown Acquires Two Montgomery County Multifamily Properties

by Steve Lubetkin,
RRG Norristown Apartments has acquired Riverstone East and West Apartments and Hunter’s Run Apartments, two multi-housing properties totaling 83 units in Norristown, PA.

There were two separate sellers, a local private investor in the case of Riverstone, and Hunter’s Run Apartments on behalf of Concordia Properties.  The debt placement to new owner to secure a seven-year, fixed-rate loan through a regional bank for the acquisition of both properties.

Hunter’s Run Apartments is located at 1151 West Sterigere in Montgomery County less than five miles from the Plymouth Meeting Mall and King of Prussia Mall.  The property provides access to all major employment centers in Pennsylvania via major roadways, including Interstates 476, 276 and 76 and Route 202 and the Norristown Elm Street Southeastern Pennsylvania Transit Authority (SEPTA) train station.  The property has 39 one- and two-bedroom units, which are 97 percent occupied.

Riverstone East and West Apartments encompasses two adjacent buildings totaling 44 one- and two-bedroom units averaging 864 square feet each, and is one block south of Hunter’s Run.  Riverstone East is located at 1015 West Beech Street and Riverstone West is located at 920 Buttonwood Street.

“The demand for value-add apartments in suburban Philadelphia remains robust,” says Fiebig.  “Our team was able to procure an eclectic mix of local and regional buyers to the opportunity.”

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