Horsham, Pennsylvania (April 2, 2013). BET Investments, Inc., a commercial real estate company owned by Bruce E. Toll, is pleased to announce that on April 1, 2013, its’ affiliated company acquired Lincoln Woods Apartments located at 9801 Germantown Pike, Lafayette Hill, PA.
At closing, the 216 unit apartment community was 98% leased. The property is located in Montgomery County just across the street from Fairmount Park and Chestnut Hill College, with easy access to the Pennsylvania Turnpike, the Schuylkill Expressway and the Blue Route. The average unit size is 774 square feet. Buildings are of wood frame construction with concrete and masonry foundation systems. Each apartment has its own separate entrance. Common area amenities include a clubhouse, a fitness facility and a swimming pool.
This newly acquired property is located in close proximity to other BET Investments’ real estate holdings in King of Prussia, Norristown, Horsham and Blue Bell, PA.
“We are excited that we were able to acquire this well maintained property and increase our Philadelphia area apartment holdings,” said Michael P. Markman, President of BET Investments. “We intend to initiate a renovation program in an effort to improve this well located property.”
With the addition of Lincoln Woods, BET Investments and its affiliates now own more than 2,500 apartment units in the Philadelphia area.
The Seller was represented by Lizann McGowan and Robert Fahey of CBRE.
BET Investments is fully integrated real estate development, leasing and management company that was founded by Bruce E. Toll. BET and its affiliates own and manage more than 6 million square feet of commercial property and over 2,500 apartment and student housing units in 12 states.
For more information contact Michael P. Markman, President of BET Investments, Inc. at (215) 938-7115 or [email protected].