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.