Bucks apartment complex sells for more than $43M

Relative Properties has picked up another Bucks County apartment complex, plunking down $43.2 million to buy Polo Run in Yardley, Pa.

The property consists of 11 buildings with 248 apartments. Its occupancy was about 90 percent at the time of sale. The seller, TGM Communities of New York, was represented by Karen Iman of Cushman & Wakefield.

This is the second buy in that market for Relative Properties. Last fall, it bought Yardley Crossing for about $33 million.

That was the first acquisition for the company, which was formed last year by Devin Aronstam.

Aronstam had, at one point, worked with Lubert-Adler Partners of Philadelphia, and Paul Aschkenasy of Blank Aschkenasy Properties of West Conshohocken, Pa.

Relative focuses on multifamily real estate and is separate from Blank Aschkenasy, which mostly focuses on retail and office properties.

Bucks Country is an area Relative has been looking for more buys.

“We like the market,” Paul Aschkenasy said. “We think Lower Bucks and Bucks is very strong for multifamily. It has more barriers to entry than many other markets.”

Polo Run was constructed in 1990 and Relative plans to invest an undisclosed amount upgrading the property including the units, common areas, pool area and club house.

Source: Philadelphia Business Journal