High Real Estate Group has closed on the dual acquisition of a four property multifamily portfolio and a Courtyard by Marriott hotel in Ewing, NJ for a combined $60 million. The four communities included in the purchase are Greenview Terrace (112 units) at 500 Alden Drive and Barrcrest Manor (85 units) at 1705 Marietta Avenue both of which are located in Lancaster, PA. The deal also include Village Green, in Elizabethtown, PA. and Lebanon Court, in Lebanon, PA. High purchased the properties from Philadelphia-based fund manager Equus Capital Partners, Ltd.
The hotel purchase, Courtyard by Marriott, is located near Princeton, NJ. The 130-room property is within two miles of the 135-suite SpringHill Suites by Marriott-Ewing, which High has owned and operated for eight years. High purchased the Courtyard from a large multi-national opportunity fund. “This acquisition was a great opportunity to execute our growth strategy,” said Russ Urban, president of High Real Estate Group affiliate High Hotels Ltd. “We now have two Marriott brands in this important and growing market to meet the diversity of customer demands.”
