In 2008, GPX acquired Village Square Apartments, a 128-unit apartment complex located on Main Street in Harleysville, PA. The property was purchased from Home Properties, an institutional owner/operator of multi-family properties. GPX recognized an opportunity to acquire a fundamentally sound asset in a strong growth location. The complex was made up of 64 one-bedroom apartments and 64 two-bedroom apartments which provided an even unit mix, and all apartments had their own private entrance.
GPX acquired the asset with the plan to upgrade units with new kitchens and baths and washers/dryers upon turnover to increase rental rates as leases rolled. Other initiatives include billing tenants for water/sewer costs previously paid for by landlord, and bringing all utility billing in-house to control the process and eliminate third parties, as well as the installation of a web-based communications portal for communicating with tenants, receiving maintenance requests and receiving rent payments. GPX grew operating cash flow at the property each year and sold the asset to a regional investor in 2015.