ROYERSFORD, PA-Locally based Twin County Construction has sold a three-property multifamily portfolio that it began developing in the 1960s to the Jenkintown-based Galman Group for nearly $30.3 million. The properties have an aggregate of 355 units and were 95% occupied at the time of the sale.
The properties are the 84-unit Chesterview Apartments at 100 Horseshoe Dr. and 171-unit Spruce Court at 540 Spruce St. here along with the 100-unit Hillside Heights complex at 94 Hillside Dr. in Pottstown. Twin County developed Spruce Court in phases over three decades, beginning in the 1960s. Chester View was built between 1995 and 1996, and Hillside Heights was developed in the early 1980s.
"The $85,200-a-unit price tag is one of the highest per-unit sales prices for this area, and the sale is one of the largest multifamily transactions in the history of our office," Ridge MacLaren, director of multihousing in the Philadelphia office of Marcus & Millichap, tells GlobeSt.com. He marketed the portfolio for Twin County and procured the buyer. "There was a lot of interest," he says, "because these properties are well occupied, well maintained, in good condition and in a good location."
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