GPX Realty Partners Acquires University Office Plaza and Stillwell Apartment Portfolio in Separate Transactions Totaling $36.5Million

GPX Realty Partners closed on Stillwell Apartments, a twenty-building, 309-unit multifamily apartment portfolio located in Montgomery and Delaware Counties, Pa. for $20.35 million. GPX Realty Partners plans to invest an additional $3.6 million in capital improvements to the Stillwell Apartments to modernize all of the properties.

In a separate transaction, GPX Realty Partners acquired University Office Plaza, a complex of commercial office buildings totaling approximately 183,629 square feet located in Newark, Del. for $16.15 million. GPX Realty Partners plans to invest an additional $1.4 million in capital upgrades to University Office Plaza.

"These are extremely well positioned assets for GPX Realty Partners, and we are pleased to add them to our portfolio," said Thomas J. Gravina, Executive Chairman and Co-Founder of GPX Realty Partners." Including The Woods Office Center acquisition in March, GPX Realty Partners has made approximately $115 million of capital investments in Delaware Valley commercial real estate over the past six months. We believe in this market’s strength and plan to continue our expansion as we pursue additional value-add investment opportunities throughout the region."

Joseph S. Conwell, Managing Director of GPX Realty Partners added, "The driving force behind our company has been our ability to identify quality opportunities, effectively close deals, and implement our proven repositioning strategy. With our broad experience in managing and repositioning commercial and residential real estate assets, we are confident these portfolios will prove to be successful for GPX Realty Partners."

The Stillwell Apartment portfolio consists of five apartment complexes located in well situated areas throughout Southeastern PA on approximately 26 acres of land.

University Office Plaza is located at the intersection of I-95 and Route 273 in Newark, Del. and offers immediate access to major highways, in addition to being strategically located close to the University of Delaware, Christiana Mall, and Christiana Hospital. Major tenants include the Delaware Department of Services for Children, Department of Health and Social Services, and Philips and Cohen Associates.

The Woods Office Center, which GPX Realty Partners acquired in March of this year, consists of a total of 580,000 square feet of commercial office space in 17-buildings over 77-acres of prime real estate located in Chester and Montgomery counties.

About GPX Realty Partners, L.P.
GPX Realty Partners, L.P. is a private real estate investment and advisory firm, focused on the sponsorship, development and management of a diversified portfolio of strategic real estate investments.

Learn more about GPX Realty Partners at GPX Realty's website or contact Joseph Conwell, Managing Director, at (215) 259-2500.

PRESS RESOURCES
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