Toll Bros. cofounder Bruce E. Toll's BET Investments Inc. says it has agreed to pay investor Sara Gowing's Quaker Group some $37 million for 2 apartment complexes:
- The 150-unit Newtown Place apartments, 31A Cambridge Lane, near the Yardley/Newtown exit from I-95, with rents averaging $1450/month;
- The 80-unit Wynmere Chase apartments, 9 Bridle Lane, Horsham, near the Willow Grove exit on the PA Turnpike, with rents averaging $1340/month.
BET plans a clubhouse and pool at Newtown Place, and to boost rents by there "at least" 8% a month, BET president Mike Markman told me. Wynmere rents will go up "at least" 7%, also after improvements. He added that BET was able to borrow at "extremely atractive long-term" rates to finance the deal.