(Read more on the multifamily market.)

UPPER GWYNEDD TWP., PA-Philadelphia-based BPG Properties Ltd. has acquired Willowyck Apartments, a 308-unit complex on 28.8 acres at One Marlbrook Lane. BPG’s multifamily operating arm, Madison Apartment Group LP, will manage the asset, which will be renamed Madison at Willowyck.

Citing a confidentiality agreement with the seller, Steve Pogarsky, BPG’s VP of multifamily acquisitions, declines to disclose either the seller’s identity or the price. The median sales price for multifamily assets throughout Greater Philadelphia is $73,700 a unit, according to a third-quarter report from Philadelphia-based Marcus & Millichap. On condition of anonymity, a broker familiar with multifamily sales tells GlobeSt.com this trade was probably in the $20-million range.

BPG will immediately begin a $4.3-million capital improvement plan that includes new kitchens and baths, windows, roofs, landscaping upgrades and exterior painting. Pogarsky tells GlobeSt.com the class A asset was built in 1975 and is 91% occupied.

It consists of 43 one-story and two-story buildings, and each unit has a private patio or balcony and exterior entrance. The complex has a clubhouse, fitness center and pool. He says units are unusually large with an average of 1,245 sf. The current rent rate, he says, is between $1,200 and $1,400 a month.

“Willowyck’s location, access to metropolitan areas, schools and employment opportunities make this property an excellent, value-add investment for BPG Properties,” says Greg Curci, BPG’s acquisitions manager who handled this transaction for the firm. The acquisition was made on behalf of BPG Investment Partnership VIII & VIIIA LP, a private equity fund with commitments of $850 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 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.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.