Friday, May 29, 2015

Bruce Toll keeps buying apartments

$29.3 million for Lincoln Woods in Lafayette Hill

Bruce Toll keeps buying apartments

BET wouldn´t say the price, but another source familiar with the deal said Lincoln Woods sold for $29.3 million, around $136,000 for each unit, which average 774 sq ft. (Photo from Google.com)
BET wouldn't say the price, but another source familiar with the deal said Lincoln Woods sold for $29.3 million, around $136,000 for each unit, which average 774 sq ft. (Photo from Google.com)

BET Investments Inc., the commercial real estate firm owned by former Toll Bros. (and onetime Inquirer co-owner) Bruce E. Toll, says it's purchased the 216-unit Lincoln Woods Apartments, 9801 Germantown Pike, Lafayette Hill, Montgomery County, boosting its total apartment holdings in the region above 2,500. BET also owns anthracite coal mines and commercial property, among other investments.

Lincoln's previous owner, since 2004, was TIAA-CREF, the college professors' retirement fund, according to Montgomery County records. BET wouldn't say the price, but another source familiar with the deal said Lincoln Woods sold for $29.3 million, around $136,000 for each unit, which average 774 sq ft. The property had been assessed at $13.7 million. It includes a clubhouse, gym, pool.

BET president Michael P. Markman promised renovations, and noted the complex is 98% leased. The seller was represented by Lizann McGowan and Robert Fahey, CBRE.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano