WILMINGTON, DE—Berger Rental Communities of Wayne, PA has acquired more than 300 apartments at the Lancaster Court Apartment complex here for nearly $14 million.
The firm purchased 320 units at Lancaster Court in a deal valued at $13.8 million, according to a statement released by Rittenhouse Realty Advisors of Philadelphia, which brokered the transaction. The acquisition was complex, involving 24 separate entities, according to the News Journal.
"Deals like this are very difficult given the different ownership entities and various associations that have to be addressed during the due diligence time periods," Corey Lonberger of Rittenhouse Realty states.
Berger Rental is expected to make improvements to its newly purchased properties, according to Rittenhouse. See story in the News Journal.
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