(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.
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