$18M Pennsylvania multifamily sale

Buyer plans to add swimming pool, replace roofs

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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....