Newtown Square’s newly built Verandas apartment community is already receiving the luxury treatment, now that Korman Communities of Plymouth Meeting has acquired the four-building, 250-apartment complex from Cornerstone Communities of Villanova.
As part of the off-market deal, 80 units will be fully furnished to take on the luxury look and feel of Korman’s AVE extended-stay accommodations with five-star service and elite amenities, according to a Philadelphia Business Journal report by Natalie Kostelni.
The property, close to Ellis Preserve and major operations for SAP North America and Main Line Health, was built for $40 million.
“We believe it was a fair price and below replacement costs,” Co-CEO Brad Korman said, though the sale price was not disclosed.
Korman and Cornerstone have partnered on a previous deal in Downingtown and a current joint venture at the Village of Valley Forge in King of Prussia.
Read more about Korman’s plans in Newtown Square in the Philadelphia Business Journal here.
