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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription