Philadelphia, PA, September 30, 2011 --(PR.com
)-- GoldOller Real Estate Investments, LLC announced today the acquisition of eight apartment communities, containing 1,395 units all located in suburban Kansas City. The portfolio was purchased from Urdang Assocates of Plymouth Meeting, Pa. for an undisclosed price.
The properties include 807 units in the Red Bridge area of Kansas City Mo, and 588 units located in prestigious Prairie Village, Johnson County, Kansas.
Later this month GoldOller will acquire two additional apartment communities located in the fashionable Altamtonte Springs area of metropolitan Orlando, Fl containing more than 850 units.
According to Richard Oller, GoldOller Chairman, “By year end the GoldOller Apartment Fund, formed just 18 months ago, will contain more than 5,000 rental units, located in six states; with an aggregate asset value of more than $250 Million.”
“Thirty-five years of core competency as real estate investors and apartment managers gives GoldOller a competitive advantage. We know which markets make sense for us, and we have the expertise and internal resources to evaluate, acquire and assume operational responsibility of new properties very quickly. That’s attractive to both institutional and motivated entrepreneurial sellers,” says Jake Hollinger, GoldOller’s Chief Operating Officer.
“We are very excited about our growth, but frankly, we are even more pleased with our performance. We set our sights on well performing apartment assets in secondary and tertiary markets where pricing still offers a reasonable rate of return for our investors. All of our properties are highly occupied and well located,” Oller said.
McCausland Keen & Buckman represented GoldOller in the Kansas City acquisition and Blank Rome LLP represents GoldOller in the Orlando acquisitions.
GoldOller, located in both Philadelphia and New York, is part of a family of real estate investment, development, management, and brokerage companies jointly owned by Jeffrey Goldstein and Richard Oller. GoldOller brands include Multifamily Management Services which provide third party apartment management services to over 30,000 rental units; Madison Parke LLC which provides luxury condominium life style management services, and the Condo Shop LLC which specializes in condominium sales and leasing. In 2010 GoldOler acquired and successfully re-profiled the 33 story Aria Condominums, at 15th and Locust Street in Philadelphia, which is now 95% sold.
Photo: The Kenilworth Apartments – one of Kansas City’s most noteworthy apartment communities features a dramatic clubhouse with an indoor/outdoor pool and extesive water features throughout.