GREA Mid-Atlantic sells trophy assets totaling 256 apartment units in Montgomery County, PA

Marketing led by Corey Lonberger highlights strong value-add potential

PHILADELPHIA, PA — GREA’s Mid-Atlantic announced the sale of two apartment communities in Suburban Philadelphia: Fox Ridge Apartments, located in Limerick, Pennsylvania, and Lake View Park Apartments, located in Royersford.

These notable properties, situated within robust rental markets, consistently maintain an average occupancy rate of 98% or higher. Each offers a well-balanced selection of one- and two-bedroom units, complemented by community amenities, off-street parking, and convenient access to nearby shopping and dining destinations. All apartments feature private balconies or patios, separate entrances, and in-unit washers & dryers.

Corey Lonberger, founding partner at GREA, led the marketing processes on behalf of the seller. He stated: “This was a very unique opportunity as the properties have been owned and managed by the original builders since they were constructed. The properties have been kept in immaculate condition and given current rents in place, offered the new owners significant upside potential with minimal work needed to units or common areas.”

“These two sales were part of a four-property portfolio sale, and we are actively marketing the two remaining properties,” added Luke DeLuca, managing director at GREA. “The properties are Henderson Square in King of Prussia and Amberley at Blue Bell, located in Blue Bell.

The buildings were in excellent condition but with a strong value-add opportunity due to rents being below market. Ken Wellar, founding partner, added: “The buyer was AION Partners out of New York, a well-known and respected buyer in our marketplace. They plan to implement their unique management approach to significantly increase the NOI at the properties.”