Friday, October 6, 2017

Rodman Properties buys 1,000-unit apartment portfolio

By Natalie Kostelni  –  Reporter, Philadelphia Business Journal
Rodman Properties Inc. has, through a $103.4 million loan, bought a portfolio of seven apartment properties with nearly 1,000 units in a deal that stands as the company’s largest acquisition to date.

The Wynnewood real estate company bought the multifamily communities from Madison Apartment Group, which is a division of Equus Capital Partners, a Philadelphia-based real estate fund. They were part of a portfolio of 22 properties in the suburbs, the Lehigh Valley and central Pennsylvania comprising 3,426 Class B apartments Equus began selling off in August 2016.

The apartments Rodman bought in the deal were in Harrisburg and Allentown. Earlier this year, it had bought two other apartment properties in Berks County that had also been part of the same portfolio Equus was unloading.

Though based just outside of Philadelphia, RP Management has since its founding in 1992 concentrated on making buys in central Pennsylvania and the Lehigh Valley. It prefers those tertiary areas because they are less competitive in terms of buyers and are solid markets for Class B rentals, said Michael Cohen, who founded Rodman and serves as its president.

The areas have something else going for them that appeals to Cohen. “A lot of these market also don’t have a lot of new construction,” Cohen said.
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