Friday, June 28, 2019

The Galman Group Buys Studio Green, Park Place Complexes for $40.96 Million

Local investment firm The Galman Group purchased the 338-unit Studio Green and the 276-unit Park Place multifamily complexes in Newark, Delaware, from Houston-based Campus Living Villages for $40.96 million, or about $67,000 per unit.

The Studio Green student housing community at 91 Thorn Lane will be converted to apartment units named Thorn Flats. Built in 1965, the property comprises a mix of studio to four-bedroom units ranging from 484 to 1,507 square feet in 59, three-story buildings.

The garden-style Park Place complex at 650 Lehigh Road features a mix of one- and two-bedroom units ranging from 601 to 1,033 square feet in 23, three-story buildings. The Class B property spans 5.2 acres and was built in 1965.

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