DEAL OF THE DAY: GPX Realty Partners Acquires 41-Unit Rental Property for $3.2M
- Apr 23, 2008
By Anuradha Kher, Online News EditorLansdale, Pa.–GPX Realty Partners L.P., a Philadelphia-based private real estate investment and advisory firm, recently acquired Lansdale Village Apartments in Lansdale, Pa., in an off-market transaction for $3.2 million. GPX plans to make significant capital investments to upgrade the 41-unit property. “We are pleased to add Lansdale Village to our expanding multifamily portfolio,” says Thomas J. Gravina, executive chairman and co-founder of GPX Realty Partners. “It is a well-located, fully occupied property with tremendous upside potential. We have set aside significant dollars for capital improvements, which will help create a more desirable place to live and strengthen the property’s position within the Lansdale marketplace.”Located at 219 York Ave., Lansdale Village features three buildings with one-, two- and three-bedroom apartments, which include fully equipped kitchens, hardwood floors, private enclosed terraces and off-street parking. The complex features laundry facilities and 24-hour maintenance and is located near transportation and shopping. GPX has already made more than $117 million of investments in Delaware Valley commercial real estate in the past 18 months.