Pennsylvania apartments sold for redevelopment

Buyer plans to upgrade asset with luxury amenities

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A real estate investor/developer has purchased a 244-unit multifamily community in Glen Mills, Pa., for a price of $41 million. Villanova, Pa.-based Red Rocks Group bought the property, Coventry Crossing, from Chester Heights Associates LP at a price representing $168,032 per unit. The 25-building complex contains approximately 277,910 square feet with two parking spaces per unit. Each building contains 10 units encompassing varied floor plans of one-, two- and three-bedroom units. Each unit includes a washer and dryer, individually controlled heat and air conditioning, cathedral ceilings and private entrances, patios and balconies. The Red Rocks Group has commenced redevelopment of the asset, including a complete renovation of the unit interiors and the exterior renovation of all 25 buildings. In addition, Red Rocks Group will upgrade the property's amenities, including the construction of a new fitness center, community clubhouse and the renovation of the pool area. Sever...