Jenkintown-based Galman Group completed the first phase of its $30 million renovation plan for the once struggling apartment complexes in Delaware, writes Michelle Caffrey for the Philadelphia Business Journal.
The group bought two apartment communities near the University of Delaware for $41 million. At the time, the Lehigh Flats and Thorn Flats complexes were 75 percent vacant and sat in foreclosure.
Galman decided to invest an additional $30 million in the renovation of the apartments, starting with updating the floor plans for 180 units, adding bathrooms, and installing modern flooring, fixtures, cabinets, and appliances.
The project is also nearing completion of renovations to its shared spaces. This includes upgrading the clubhouse to include a fitness center, business lounge, pool, kitchen, fire pit, and an entertainment system.
Galman is hoping to draw tenants from the University of Delaware’s growing Science Technology and Advanced Research Campus nearby.
“Institutions in the science, technology, engineering, and advanced research industries are drawn to Newark,” SAID Galman Group President Sam Goldstein. “As these sectors continue to grow their presence, The Galman Group wants to ensure their employees have a luxury option in the market.”
Read more about the Galman Group at the Philadelphia Business Journal by clicking here.
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