PHILADELPHIA, PA — GREA’s Mid-Atlantic team announced the sale of two apartment communities in suburban Philadelphia: Fox Ridge Apartments in Limerick and Lake View Park Apartments in Royersford. Both properties are located in high-demand rental markets and have maintained occupancy rates of 98% or higher.
The communities, offering one- and two-bedroom units, feature private balconies or patios, separate entrances, and in-unit washers and dryers. Amenities include off-street parking and proximity to shopping and dining options.
“This was a very unique opportunity as the properties have been owned and managed by the original builders since they were constructed,” said Corey Lonberger, Founding Partner at GREA, who led the marketing process. “The properties have been kept in immaculate condition and given current rents in-place offered the new owners significant upside potential with minimal work needed to units or common areas.”
Luke DeLuca, Managing Director at GREA, added that the transactions were part of a four-property portfolio sale, with Henderson Square in King of Prussia and Amberley at Blue Bell still on the market.
The buyer, AION Partners of New York, is recognized for its strong track record in the region. “They plan to implement their unique management approach to significantly increase the NOI at the properties,” said Ken Wellar, Founding Partner at GREA.
The sales highlight continued investor demand for well-located suburban multifamily assets with value-add potential in the Philadelphia region.
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