(Read more on the multifamily market.)
GLEN MILLS, PA-Villanova-based Red Rocks Group has acquired Coventry Crossing, a 244-unit multifamily complex at 512 Coventry Ln., from Chester Heights Associates LP for $41 million at a cap rate of 5.7%. The complex was built in 1985 and occupies 25 landscaped acres.
The new owner plans a significant capital investment in order to “position the property as a luxury complex with a country-club feel,” says Ken Wellar, a multifamily investment specialist in the Philadelphia office of Marcus & Millichap. Wellar represented the seller and procured the buyer. The upgrades include complete renovation of units and the exterior, and plans also call for the addition of a fitness center, clubhouse and onsite putting green.
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