Real Estate Journal — Pennsylvania — August 12 - 25, 2016 — 11C
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M id A tlantic
P ennsylvania
Brenton Baskin is Marcus & Millichap’s broker of record in PA IPA arranges sale of 276-unit independent living community
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$120,000, bodes well for the property’s long-term stability and performance.” Jandris, along with IPA ex- ecutive director Mark Myers , IPA associate director Charles Hilding and IPA Associate AndrewHilding , represented the seller. Regional manager Brenton Baskin is Marcus & Millichap’s broker of record in Pennsylvania. Arbour Square of Har - leysville is located 35 miles northwest of downtown Phila- delphia and is approximately nine miles away fromLansdale Hospital. n
develops, owns, operates, and manages seniors housing com- munities located throughout the Mid-Atlantic region. “The property was built in two phases. Upon completion of phase one in 2006, 151 units were opened, and an additional 125 units were opened with the completion of phase two in 2014. Since opening, phase two has experienced signifi- cant occupancy growth,” says IPA senior director Joshua Jandris . “The area’s positive demographics, namely an ag- ing population with an aver- age household income above
ARLEY S V I L LE , PA — Institutional Property Advisors
(IPA) , a division of Marcus & Millichap announced the sale of Arbour Square of Har- leysville, a 276-unit indepen- dent living community located in Harleysville. The seller is a Philadelphia- based seniors housing and multifamily development com- pany. The buyer was Green Courte Partners, a Chicago- based real estate private equity group. Green Courte Partners chose to retain the current operator of the property, Heri- tage Senior Living, a Pennsyl- vania-based company which Equus acquires a 235-unit multi- family community ALLENTOWN , PA — Equus Capital Partners, Ltd. (“Equus”) , announced that an affiliate has acquired The Lakes Apartments, a 235- unit garden-style multi-family community in the desirable West End neighborhood of Al- lentown. The property was 95% occupied at the time of closing. The acquisition was made on behalf of Equus Investment Partnership X, L.P. (“Fund X”), a discretionary fund managed by Equus. Madison Apartment Group, L.P. (“Madison”), the multi-family operating arm of Equus, will manage the com- munity. The community benefits from its proximity to the major interchanges of the Pennsyl- vania Turnpike’s Northeast Extension, I-78, and the Lehigh Valley Thruway, providing ac- cess to the Philadelphia metro area, the entire Lehigh Valley, as well as northern and central New Jersey. The Lakes is well- situated in a premier location in the heart of Allentown’s West End neighborhood which boasts strong home values, a desirable school district, and nearby retail amenities such as Wegmans, Target, and Panera Bread. With an average square footage of 1,200 square feet per unit and a mix of one bedroom and two and three bedroom flat and townhome style units, The Lakes benefits from its unique array of generous sized floorplans in a low-density set- ting of less than 8 units per acre. Amenities include an outdoor swimming pool, ten- nis court, walking trail, and an abundance of attractively landscaped open space. n
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