Search
 

BPG Takes 308-Unit Willowyck Apartments

UPPER GWYNEDD TWP., PA-The buyer plans to invest $4.3 million to upgrade the 43-building complex, which is currently 91% occupied.

By Marita Thomas | Updated on January 07, 2008

(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.