WAYNE, PA — PPR Capital Management has entered the Philadelphia metropolitan market with the acquisition of Botanica Cottages, a 199-unit garden-style multifamily community in Limerick, marking the firm’s first investment in the region.
The deal was completed through a strategic joint venture with Bel Canto Asset Growth Fund, a local multifamily investment and development firm. The property, developed in 1999, sits near the Route 422 corridor and is positioned as a build-to-rent community designed to offer the privacy and functionality of townhomes within a professionally managed rental setting.
Botanica Cottages features one-, two-, and three-bedroom units, each with a private entrance and an attached garage with direct access to the home. That configuration is relatively uncommon in traditional for-rent multifamily assets and is increasingly attractive to renters seeking single-family-style living without the financial commitment of homeownership.
PPR executives framed the acquisition as both a geographic expansion and a strategic play tied to long-term housing demand. Chief Executive Officer Steve Meyer said the investment reflects the firm’s emphasis on diversification and market fundamentals, particularly in areas with stable employment bases and sustained rental demand. He characterized the Philadelphia region as a market that supports long-term portfolio resilience and disciplined growth.
Amenities at the property include a 24-hour fitness center and a resort-style pool and spa, features that management says contribute to tenant retention and steady occupancy. PPR and Bel Canto plan to pursue a value-add strategy centered on interior unit renovations, with upgrades expected to begin in the first quarter of 2026.
Matt Carfaro, senior manager of multifamily investments at PPR Capital Management, said the asset stood out for its combination of immediate cash flow and renovation-driven upside. He pointed to shifting renter preferences toward larger units, private access, and suburban locations with strong transportation links as key drivers behind the investment thesis.
The transaction adds to PPR Capital Management’s growing multifamily portfolio and signals the firm’s intent to pursue additional opportunities in the greater Philadelphia area as competition for well-located rental housing continues to intensify.
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