$18M Pennsylvania multifamily sale

Madison Apartment Group LP recently paid $18.2 million for a 264-unit apartment complex in Hatfield, Pa.

Located at 2700 Elroy Road, Pennfield Manor Apartments is comprised of 15 buildings situated on 18 acres. The unit mix includes one-, two- and three-bedroom floor plans, some of which are townhomes.

The original developer sold the property, which has a "strong value-add opportunity," according to a press statement. At closing, the property was 95 percent leased.

Madison plans to commence immediately on an estimated $8.5 million capital improvement program, which includes the installation of new roofs; upgrades to exterior siding, doors, kitchens, bathrooms and windows; and the construction of a new clubhouse and swimming pool.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.