Portfolios sold in Pa., Delaware

GPX Realty Partners L.P. today announced it completed a total of $36.5 million in real estate acquisitions last week.

GPX closed on Stillwell Apartments, a 20-building, 309-unit multifamily apartment portfolio located in Montgomery and Delaware Counties, Pa., for approximately $20.4 million. GPX Realty Partners plans to invest an additional $3.6 million in capital improvements to the Stillwell Apartments to modernize all of the properties.

In a separate transaction, GPX Realty Partners acquired University Office Plaza, a complex of commercial office buildings totaling approximately 183,629 square feet located in Newark, Del., for approximately $16.2 million. The company plans to invest an additional $1.4 million in capital upgrades to University Office Plaza.

GPX co-founder Thomas J. Gravina said in a statement that the company "believes in this market's strength" and plans to continue its expansion in the pursuit of "additional value-add investment opportunities throughout the region."

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