This follows by three months its $60-million acquisition of the17-building, 570,000-sf Woods Office Center portfolio, as GlobeSt.com previouslyreported. As with Woods, GPX plans significant capitalimprovements for the newly acquired assets.
The five multifamily properties encompass 20 buildingsaggregating 309 residential rental units in Pennsylvania'sMontgomery and Delaware counties. Suburban Management of SpringHouse, PA owned the Stillwell Apartments portfolio, and a GPXspokeswoman tells GlobeSt.com the seller is Bob Stillwell.
She says the complexes were built between 1968 and 1970. Theportfolio is currently 91% rented. GPX plans to invest $3.6 millionto modernize all of the properties.
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