The two- and three-story complex was developed in 1964 and 1972. The asset had been institutionally owned for the past several years and had recently completed a major program of capital improvements. The sale price translates to $41,172 per unit and $45.33 per sf. The property address is 915 Valley Ridge Dr.
The new owner is Asset Development & Management Group, a regional real estate investor that acquired the property for its expected price appreciation. The seller was Valley Ridge Associates Ltd., a private real estate investment partnership that acquired the complex as an investment in the early 1990s.
The sale was brokered by Newton Square, PA-based GMH Capital Partners, who clients include GE Capital Real Estate, UBS Warburg and Goldman Sachs. The individual brokers who worked on the deal were Gary Holloway Jr., Eric Mattson and Morgen Busch.
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