Jenkintown-based Galman Group Sells Two Montco Residential Properties for $15M

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galman group apartments
Image via The Galman Group.

Jenkintown-based Galman Group has sold two residential properties in Montgomery County for a total of $15 million, writes Justin Heinze for the Patch.

Both properties are in Ambler and total of 75 units. The 39-unit Ambler Crossing is located at 311 N. Spring Garden Street, while the 36-unit Longford Apartments is at 352 Valley Brook Road.

Both buildings have a mix of one- and two-bedroom apartments along with parking for residents. The occupancy rate at both properties was over 95 percent at the time of sale.

Galman Group acquired Ambler Crossing five years ago for $3.3 million.

Since then, it has renovated all the apartments, including constructing new kitchens and bathrooms as well as installing new luxury vinyl floors and washers and dryers in each unit.

The real estate developer and property management company has also made improvements to the Longford Apartments after it acquired the community for $3.2 million a decade ago.

Galman Group plans to reinvest proceeds from the sale in its existing portfolio and to grow its suburban Philadelphia holdings by adding another local residential community to its portfolio.

Once a yet-to-be-determined property is purchased, the company will proceed with renovations to “Galmanize” the residential community and fulfill its mission to create “Great Places to Live.”

Read more about these acquired properties at The Patch.

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