(To read more on the multifamily market, click here.)
HATFIELD, PA-Yardley-based BPG Properties Ltd. has acquiredPennfield Manor Apartments, a 264-unit garden-style rental complexat 2700 Elroy Rd. The price is undisclosed, but a broker familiarwith the property tells GlobeSt.com it was likely in excess of $18million, or north of $68,000 per unit.
The 15-building complex on 18 acres was built in 1969, and theseller is a local family and the original developer. MadisonApartment Group, the multifamily operating arm of BPG, will own andmanage the asset and is investing approximately $8.5 million, ormore than $30,000 a unit, in upgrades.
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