Toll Bros. cofounder Bruce E. Toll's BET Investments Inc. says it has agreed to pay investor Sara Gowing's Quaker Group some $37 million for 2 apartment complexes:
- The 150-unit Newtown Place apartments, 31A Cambridge Lane, near the Yardley/Newtown exit from I-95, with rents averaging $1450/month;
- The 80-unit Wynmere Chase apartments, 9 Bridle Lane, Horsham, near the Willow Grove exit on the PA Turnpike, with rents averaging $1340/month.
BET plans a clubhouse and pool at Newtown Place, and to boost rents by there "at least" 8% a month, BET president Mike Markman told me. Wynmere rents will go up "at least" 7%, also after improvements. He added that BET was able to borrow at "extremely atractive long-term" rates to finance the deal.
BET, which also owns anthracite mines in the eastern Pennsylvania hard-coal fields, among other commercial properties, is among the local investors that has been buying Philadelphia-area apartment properties to take advantage of rising rents since the 2008 banking crisis made it harder for many Americans to buy homes. In September the firm said it bought the Curren Terrace development in Norristown and Chesterfield Apartments, Levittown.