KoP apartment complex trades for $75M

Source, Philadelphia Business Journal, Natalie Kostelni

One of the first apartment complexes to be built in the Village at Valley Forge has traded for more than $75 million, according to Montgomery County property records.

MetLife Real Estate Investors paid $75.33 million, or $221,238 a unit for Hanover Valley Forge, a complex with 339 apartments. The developer of the project was Hanover Properties and Realen Properties, which is the master developer of the Village at Valley Forge. The sale was recorded with Montgomery County in September.

While there have been land sales in the mixed-use community, this marks the first multifamily sale in the Village at Valley Forge and underscores the price points commanded by the premium properties located within the community.

The King of Prussia Town Center, the retail component in the Village at Valley Forge, sold in May 2017 for $183 million, or $700 a square-foot. The center totals 263,423 square feet.

Hanover Valley Forge at 300 Village Drive was built in 2017 and didn’t take long to lease up. It joined several other multifamily projects there including Indigo 301, Canvas, Ave and the Brownstones, a for-sale development that Toll Brothers Inc. is building.

Also in the works at the Village at Valley Forge is a senior housing project f rom CA Ventures, a Chicago real estate investment firm. Its senior living division has plans to develop an 11-story building with 109 independent living units, 60 assisted living units and 32 memory care units at 350 Guthrie Road.