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WARRINGTON, PA-Fort Lee, NJ-based the Orbach Group has paid $15 million, or just over $101,351 a unit, for the Apartments at Newpointe. The asset, located at 955 Easton Rd., was built in the mid- to late-1970s and is 100% occupied, according to Meyer Orbach, president.

John McFadden and Bob Miller of CB Richard Ellis represented both Orbach and the seller. The seller is the Barness Organization, a local residential developer and owner.

This represents Orbach Group’s first, but not its last, multifamily acquisition in Pennsylvania, Orbach tells GlobeSt.com. “The suburban communities north of Center City Philadelphia are a very strong developing residential market. Bucks County has experienced a growth in demand for rental apartments, and this growth has been reinforced by additional commercial development in the immediate vicinity.” He adds that “this acquisition is a logical extension of our base. We have several properties just across the border in Mercer County [NJ], and will announce another Pennsylvania acquisition soon.”

The average rental rate for a two-bedroom unit at the Newpointe facility is $950 a month. Orbach says his firm plans “an extensive capital improvement program, concentrating on unit-by-unit upgrades as the apartments turn over,” and believes “rents will adjust upward in the prevailing market.” He says the total investment will be approximately $500,000 and include not only improvements to units, but also to the tennis courts and exterior.

Within the past 24 months, Orbach Group has acquired more than 1,300 multifamily units–valued at approximately $150 million–in the New Jersey and Pennsylvania marketplace. It also owns and manages office properties in the tri-state area and provides a full range of commercial real estate services.

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