This follows by three months its $60-million acquisition of the 17-building, 570,000-sf Woods Office Center portfolio, as GlobeSt.com previously reported. As with Woods, GPX plans significant capital improvements for the newly acquired assets.
The five multifamily properties encompass 20 buildings aggregating 309 residential rental units in Pennsylvania's Montgomery and Delaware counties. Suburban Management of Spring House, PA owned the Stillwell Apartments portfolio, and a GPX spokeswoman tells GlobeSt.com the seller is Bob Stillwell.
She says the complexes were built between 1968 and 1970. The portfolio is currently 91% rented. GPX plans to invest $3.6 million to modernize all of the properties.
University Office Plaza's buildings are at the intersection of Interstate 95 and Route 173, in close proximity to the University of Delaware, Christiana Mall and Christiana Hospital. The complex has an aggregate of 183,629 sf. It was built between 1971 and 1983, and GPX will invest $1.4 million in upgrades.
The complex is 91% leased, and the Delaware departments of Services for Children and Health and Social Services are among the tenants along with Philips & Cohen Associates. The name of the seller is undisclosed.
Noting that GPX has invested approximately $115 million in the Delaware Valley in less than six months, Thomas Gravina, the company's co-founder and executive chairman, says "we believe in this market's strength and plan to continue our expansion as we pursue additional value-add investment opportunities throughout the region."
GPX is a private real estate investment and advisory firm, based here with another office in Haverford. It focuses on the sponsorship, development and management of a diversified portfolio of real estate investments and specifically targets value-added investments in this area. Joseph Conwell is managing director.
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