THE DAVIS COMPANIES ACQUIRES A MAJORITY INTEREST IN THE WOODS APARTMENT COMMUNITY IN AMBLER, PA
TDC partners with Korman Residential to renew residential community
AMBLER, PA – (June 30, 2017) – Adding to their growing multifamily portfolio, The Davis Companies (TDC) today announced that they have partnered with Pennsylvania-based Korman Residential Properties to acquire the majority equity interest in The Woods, a 321-unit apartment community in Ambler, PA. The Woods is home to 19 garden-style buildings, each with one and two bedroom apartments, and access to a community clubhouse with amenities that include a 24/7 fitness center, coffee bar, barbecue area, business center, swimming pool, fence-protected dog park, community garden, tennis court, basketball court, and laundry suites. TDC and Korman plan to complete significant capital improvements at the property in order to deliver a beautifully landscaped, modern residential community.
The Woods is conveniently situated off Route 309, just two minutes from the Pennsylvania Turnpike, and within a mile of the Ambler commuter rail stop. The Woods’ prime location provides easy access to Ambler’s exceptional dining, entertainment, and cultural destinations, and is in one of the state’s best school districts.
“The Woods is historically a highly successful property with a strong retention rate that will benefit further from our repositioning strategy,” said Stephen Rice, Regional Director of Acquisitions & Asset Management for The Davis Companies. “We are proud to be partnering with local firm Korman Residential to position the property for future growth.”
“The Woods has always been a highly desirable residential development largely due to its unparalleled location and great amenities,” said John Korman, CEO of Korman Residential. “We are confident that our improvement plan will resonate well with our current and future residents, and are thrilled to be partnering with The Davis Companies to realize our shared vision for the property.”
TDC and Korman’s improvements to residences include new kitchen layouts, bathroom countertops and cabinetry, stainless steel appliances, and enhanced lighting fixtures. Exterior improvements include cosmetic upgrades to each residence’s patio/deck space, landscaping, a valet recycling and trash collection program to replace the existing dumpsters currently positioned across the property and upgrades to the existing mansard roofing. The renovations are currently underway and will be completed in phases over the next four years.
TDC has acquired and developed more than 7,000 multifamily units throughout the Eastern U.S. during its 41-year history. Recent multifamily developments include: Telford 180, an 85-unit condominium building that brings a unique homeownership opportunity to Allston, MA; the substantial renovation of 600 units across 30 residential buildings in The River City Renaissance portfolio in Richmond, VA; Sawmill Point, a four-story, 280-unit apartment complex in Wilmington, N.C. that TDC developed and recently opened in partnership with Gemini Real Estate; and, a two-building, 199,475-square-foot development on the former Pabst brewery site in Milwaukee, W.I. that TDC is developing in partnership with Milhaus Development, LLC.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies, headquartered in Boston, is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About Korman Residential
Korman Residential Properties is committed to delivering to its residents superior living accommodations, amenities and services while maximizing investor returns for the properties it manages. Korman Residential looks to serve its expanding customer base in the multi-family industry while providing rewarding career opportunities to skilled individuals who share its vision and goals.