PPR Capital Management of Wayne, the Philadelphia area’s fastest-growing private company, joined forces with Plymouth Meeting’s Bel Canto Asset Growth Fund to acquire Botanica Cottages, a garden-style townhome development located in Limerick, writes Paul Schwedelson for the Philadelphia Business Journal.
The financial terms of the deal were not disclosed.
The development sits close to the intersection of Limerick Center Road and West Ridge Pike, just off Route 422.
“Botanica Cottages represents a strategic entry into the Philadelphia market that aligns with our disciplined approach to diversification, growth, and our conviction toward the opportunities within the housing market,” said PPR CEO Steve Meyer.
Botanica Cottages, previously known as Summer Chase, offers private townhomes with one-, two-, and three-bedroom units, each with a private entrance and attached garage. Built in 1999, the community also provides a fitness center, pool, and spa. The new owners plan to begin interior renovations of the units early next year.
“Botanica Cottages emerged as an attractive opportunity to enter the Philadelphia market with an asset that combines immediate cash flow alongside significant value-add potential,” said PPR Senior Manager of Multifamily Investments Matt Carfaro.
Read more about PPR Capital Management acquiring Botanica Cottages in the Philadelphia Business Journal.
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