Monday, November 30, 2015

Toll pays $37M for 230 Bucks apts

Quaker Group sells Newtown Place, Wynmere Chase

Toll pays $37M for 230 Bucks apts

Toll Brothers said it is seeing some encouraging signs of a housing sector recovery.
Toll Brothers said it is seeing some encouraging signs of a housing sector recovery.

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.

BET, which also owns anthracite mines in the eastern Pennsylvania hard-coal fields, among other commercial properties, is among the local investors that has been buying Philadelphia-area apartment properties to take advantage of rising rents since the 2008 banking crisis made it harder for many Americans to buy homes. In September the firm said it bought the Curren Terrace development in Norristown and Chesterfield Apartments, Levittown.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

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