BPG Properties Ltd. recently acquired an apartment complex in Hatfield, Pa., for an undisclosed price.
The original developer, whose identity was not disclosed, sold the 264-unit Pennfield Manor Apartments, which comprises 15 buildings. The unit mix includes one-, two- and three-bedrooms, with an average unit size of 845 square feet. The project was completed in 1969.
Madison Apartment Group L.P., the BPG affiliate that will own and operate the property, plans to immediately begin an estimated $8.5 million capital improvement program, which includes new roofs, new exterior siding, windows, doors, new kitchens and bathrooms, as well as the construction of a new clubhouse and swimming pool. MAG will also pave all parking areas and sidewalks, and re-landscape the entire community.