Toll pays $37M for 230 Bucks apts
Quaker Group sells Newtown Place, Wynmere Chase
Toll pays $37M for 230 Bucks apts
Joseph N. DiStefano
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.
Looks like they're banking on more white flight from Philadelphia.— Hooray Diversity!- That's just great. People are having trouble getting into a home so knock them over the head for staying in an apartment. I know which Santa's list you guys will be on this year.— Vinny2501
- It looks like they're betting that renters are willing to pay more and more.
I'm not sure that's sustainable.— ald - Why someone would want to throw away so much money in rent every month is beyond me. Oh well, it works for Mr. Bruce Toll.— The Baron
- People who are having trouble "getting into a home" aren't the same people who buy/rent from Toll Brothers. Clearly, some of you don't understand the market Toll Brothers plays to.— CaptAwesome
- Good move. The rental market is red hot and future mortgage underwriter guidelines aren't going to get any easier.— jasjfarrell
- Vinny, the name TOLL wouldn't be found on any christmas shopping list, life is about money to his kind— tkohl
- tkohl, life and money is the American way. Gotta grab it while you can.— afrdmd
