By Kevin Tierney
The Galman Group, a Jenkintown-based real estate developer and property management company, announced today that it has sold two of its residential properties located in Ambler for a combined price of $15 million. It wasn’t disclosed who purchased the communities.
Ambler Crossing at 311 North Spring Garden Street and Longford Apartments at 352 Valley Brook Road together have a total of 75 units. The 39-unit Ambler Crossing and 36-unit Longford Apartments both have a mix of 1- and 2-bedroom units and include on-site parking for residents. Galman reports that both had an occupancy rate of over 95 percent at the time of sale.
Galman acquired the Longford Apartments in 2011 for $3.2 million and Ambler Crossing in 2016 for $3.3 million. Since purchasing both properties Galman states in its announcement that it made significant improvements to both properties.
The Galman Group owns and operates almost 45 apartment complexes and manages 20 condo communities across southeastern Pennsylvania and northern Delaware.