22A — September 17 - October 21, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
O wners , D evelopers & M anagers
Multifamily communities total 75 units The Galman Group sells two suburban Philadelphia, PA communities for $15M
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-
Integrated Business Systems and Acumatica provide the best business management solution for transforming your company to thrive in the new digital economy. Connected Business. Delivered.
Made with FlippingBook Online newsletter maker