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
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
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