22A — September 17 - October 21, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Multifamily communities total 75 units The Galman Group sells two suburban Philadelphia, PA communities for $15M
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O N T G O M E R Y C O U N T Y , P A — The Ga lman
EATONTOWN, NJ — FirstService Residential , was named as a finalist for the 2021 IREM Excellence Award - Corporate. “We are thri l led to be named as a finalist for the 2021 IREM Exce l l ence Award,” said FirstService Residential, president, Mi- chael Mendillo . “This is a testament to our amazing teamwho is hyper-focused on delivering on our mission to provide next-level customer service to our residents. I am extremely proud of the First- Service Residential team for all the hard work that goes into going above and beyond to deliver exceptional service, day-in and day-out.” The IREM Exce l l ence Award - Corporate recognizes a real estate management company who has demon- strated a commitment to the profession, made extraordi- nary achievements and/or has had a positive impact on the communities it serves. The company’s accomplish- ments may include commu- nity service and volunteer efforts, educational, lead- ership and/or professional development initiatives and/ or how they promote IREM values as a company. MAREJ IREM names First - Service Residential as award finalist Proceeds from the $15 mil - lion sale will be reinvested in Galman’s existing portfolio and used to grow its subur- ban Philadelphia holdings through the acquisition of a yet-to-be-determined resi- dential community. MAREJ unit Longford Apartments both have a mix of 1- and 2-bedroom units and include on-site parking for residents, and had occupancy rates over 95 percent at the time of sale. Galman in 2016 acquired Ambler Crossing for $3.3 million and throughout its ownership, fully renovated all 39 apartments, including constructing new kitchens and bathrooms, and install- ing new luxury vinyl floors and washers and dryers in every unit. Galman also made significant improve- ments to the Longford Apart- ments since purchasing the community in 2011 for $3.2 million.
Group , a Jenkintown-based real estate developer and property management com- pany, has sold two of its residential properties in Montgomery County for a combined price of $15 million. The two suburban Phila- delphia communities total 75 units and are both located in Ambler: Ambler Crossing at 311 N. Spring Garden St. and Longford Apartments at 352 Valley Brook Rd. The 39-unit Ambler Crossing and 36-
Ambler Crossing
Longford Apartments
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