A partnership between a Pennsylvania-based real estate investment firm and a private-equity fund managed by JMP Group, Inc. announced the purchase of the Summer Chase Apartments in Limerick, PA, for $36.3 million, or about $183,333 per unit.
The partnership of Plymouth Meeting, PA-based RREIC Advisors, LLC and JMP acquired the 198-unit property at 100 Hunsberger Dr. from Capri Capital Partners, LLC.
The community was built in 1999 on about 15 acres and includes 26 buildings totaling 216,254 square feet. The new owners plan to spend $2.5 million on renovations of the kitchens, bathroom fixtures and HVAC systems. Occupancy was 95% at the time of sale.
www.omegare.com
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