10/23/2007

Marcus & Millichap orchestrate $41 million multi-family sale

by

Coventry Crossing

Douglassville, Pa.-based Chester Heights Associates has sold the Coventry Crossing apartment complex in the Philadelphia suburb of Glen Mills for $41 million to Villanova, Pa.-based Red Rock Group.

Marcus & Millichap brokered the transaction.

The 244-unit apartment complex contains 25 buildings and is located at 512 Coventry Lane. Built in 1985, the complex was 93 percent occupied at the time of sale. Red Rock plans to invest $4 million in renovations to the property in order to convert it into a luxury facility.

Glen Mills is located approximately 20 miles west of Philadelphia.

Address: 512 Coventry Lane, Glen Mills, Pa.

Size: 244 units

Built: 1985

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Filed Under: Multi-Family

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