FPA Multifamily Acquires Apartment Community in Suburban Philadelphia for $42.5M

GLENMOORE, PA. — FPA Multifamily LLC has acquired Stone Rise, a 216-unit apartment community in Glenmoore for $42.5 million. Glenmoore is approximately 41 miles northwest of Philadelphia. Located 900 Selwyn Place, the eight-building property is set on 21 acres and features a unit mix of one- and two-bedroom apartment homes. Mark Thomson, Ed Coco, Carl Fiebig and Fran Coyne of HFF represented the seller, a subsidiary of Preferred Apartment Communities Inc., in the transaction.