(Read more on the multifamilymarket.)
GLEN MILLS, PA-Villanova-based Red Rocks Group has acquiredCoventry Crossing, a 244-unit multifamily complex at 512 CoventryLn., from Chester Heights Associates LP for $41 million at a caprate of 5.7%. The complex was built in 1985 and occupies 25landscaped acres.
The new owner plans a significant capital investment in order to“position the property as a luxury complex with a country-clubfeel,” says Ken Wellar, a multifamily investment specialist in thePhiladelphia office of Marcus & Millichap. Wellar representedthe seller and procured the buyer. The upgrades include completerenovation of units and the exterior, and plans also call for theaddition of a fitness center, clubhouse and onsite puttinggreen.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
