High Real Estate Group has scooped up hundreds of rental units in the midstate as part of a $60 million real estate buy that adds to its growing portfolio of apartments and hotels.
The East Lampeter Township-based company, part of High Companies, bought four apartment communities in Lancaster and Lebanon counties, representing 412 units overall, and a Courtyard by Marriott Hotel in Ewing, N.J.
“We’re investing in these businesses for the long run,” said Mark Fitzgerald, president and COO of High Real Estate Group.
The apartment purchases include: the 112-unit Greenview Terrace, 500 Alden Drive, Manheim Township; 85-unit Barrcrest Manor, 1705 Marietta Ave., East Hempfield Township; 128-unit Village Green, 701 E. Willow St., Elizabethtown; and 87-unit Lebanon Court, 1102 Jackson Blvd., Lebanon.
The company purchased the properties from Philadelphia-based fund manager Equus Capital Partners Ltd. High now owns more than 1,400 apartments in Lancaster County and nearly 2,900 overall.
In addition to the recent purchases, High is developing two luxury apartment communities in Lancaster County, including the 82-unit Reserve at Greenfield in East Lampeter Township and 258-unit The Crossings at Conestoga Creek in Manheim Township. Both projects are due to open in 2018.
“Our roots grow deep here,” said Brad Mowbray, senior vice president and managing director of the residential division for High Associates Ltd., which operates High’s apartments.
The hotel, which is near Princeton, N.J., expands High’s Marriott holdings. The 130-room hotel also is within two miles of a 135-suite SpringHill Suites that High has owned for eight years.
Courtyard is a strong brand for business travelers, while SpringHill Suites attracts more leisure travelers, High officials said.
High Hotels, part of High Real Estate Group, operates a hotel portfolio whose other brands include Hampton Inn, Homewood Suites and Hilton Garden Inn by Hilton, as well as TownePlace Suites by Marriott.