Merion Realty Partners acquired Pennsauken Golf Course Villas, a 48-unit community that was developed in 2013. The original developer was the seller and this is the fifth property Merion has acquired from the same developer and owner since 2021. As was the case with the other asset Merion has acquired from this group, the community has been well maintained and has a good reputation within the market. The investment has been underwritten to produce consistent cash flow to investors and was financed with a new Freddie Mac fixed rate loan.
As the name suggest, the property has golf course views, it is gated and offers “condo-quality” interiors with large floor plans that compete well against larger recently constructed properties in the area. Merion has underwritten a quantifiable value-add and capital improvement plan and will change the name of the property within the first year.
