Local investment firm Morgan Properties acquired the 504-unit Marchwood Apartments in Exton, Pennsylvania, from BET Investments for $82 million, or about $163,000 per unit.
The garden-style community at 105 Coach Lane comprises a mix of one-, two- and three-bedroom units ranging from 810 to 1,300 square feet in 40, two-story buildings. Built in 1973, the 95% occupied property spans 43.6 acres less than 30 miles from Philadelphia International Airport.
Morgan Properties President Jonathan Morgan said in a statement, "We are bullish on the suburban Philadelphia market. We look for Class B properties with a value-add component and saw this as a nice opportunity to further expand our suburban Philadelphia assets."
He also mentioned that they had a pre-existing relationship with the seller, making for a smooth transaction.
In March, Morgan Properties acquired a 10-property multifamily portfolio from Lonestar known as the Home Properties Portfolio for $890.5 million. Seven of the communities were located in Pennsylvania while the other three were in Northern Virginia. The firm owns and operates more than 167 multifamily apartment communities and over 51,000 units across the Mid-Atlantic, Nashville and Northeastern United States, according to its website.
www.omegare.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.