The sale of an Elizabethtown apartment complex and three other apartment communities has made High Real Estate Group the largest apartment owner-operator in Lancaster County, with more than 1,400 units in the county and nearly 2,900 overall.
The 128-unit Village Green apartment complex between Beechwood Lane and Radio Road in Elizabethtown Borough is the largest of the four complexes that Lancaster-based High bought from Philadelphia-based Equus Capital Partners for $36.3 million. Also part of that sale were the 112-unit Greenview Terrace in Manheim Township, the 85-unit Barrcrest Manor in East Hempfield Township and the 87-unit Lebanon Court in Lebanon County.
High said it also purchased a 130-room Courtyard by Marriott hotel in Ewing, N.J., from a large multi-national opportunity fund, adding that it was prohibited from disclosing the hotel seller’s name. In announcing the sales on Wednesday, July 19, High said the total cost of the apartments and hotel was $60 million.
High said the newly acquired apartment communities have occupancy rates of 95 percent or more.
The company said it will invest in interior renovations, landscaping, exterior enhancements and new amenities at the communities. The cost of the upgrades was not disclosed.
Mark Fitzgerald, High’s president and chief operating officer, said the acquisitions “are consistent with our long-term strategic plan to grow the multi-family and hotel portfolios in our core markets.”
High had announced last year that it intended to spend $400 million over the next five years to grow its multi-family rental housing portfolio.
The moves come amid strong demand for rental housing here, especially what is known as “workforce” housing.
High’s other apartment communities in Lancaster County are Greenfield Estates, Bentley Ridge and Greenland Village.
In addition, two luxury apartment properties are under construction — the 82-unit Reserve at Greenfield on Pitney Road and a 258-unit community at The Crossings at Conestoga Creek along Harrisburg Pike.