Korman Residential purchased a property it had eyed for more than a decade. It paid north of $30 million for the Woods, a 321-unit complex at Butler Pike and Susquehanna Road in Ambler. It has 27 garden-style buildings, a clubhouse and a single-family home that is also a rental on 27 acres. Its occupancy is at about 95 percent.
"I drive past it every day on my way home," said John Korman of Korman Residential. "It's been on the market over the years and we really wanted to buy it."
The complex is in good shape. Construction at a nearby Route 309 exit has put a little tarnish on its curb appeal but the road work is now completed.
It bought the property from RREEF, which had made interior upgrades to the vintage 1970s property. Korman Residential plans to enhance the club house amenities, add its "Woof-Woof Club" (a dog park) and community garden as well as phase in a smoke-free environment.
"This is an area we've wanted to have a property for a long time," Korman said. "This time, when it came on the market, we wanted to make every effort to get it."
Philadelphia Business Journal - by Natalie Kostelni
Date: Friday, December 10, 2010, 2:33pm EST