SANATOGA PA – A new operating general partner, and its affiliated property management company, have assumed supervision of the 232-unit, 20-acre Rolling Hills Apartments complex at 2120 Buchert Rd. in Lower Pottsgrove (PA) Township.
The new partner is Rolling Hills-Michaels LLC, a New Jersey-based limited liability company, according to the Pennsylvania Housing Finance Agency (PHFA). Its designated property management firm is Interstate Realty Management Company, better known simply as IRM and headquartered in Marlton NJ.
Both are part of the Michaels Organization, a privately-held family of companies that says it specializes in affordable, mixed-income, and military housing.
The partnership change was approved by the agency board of directors earlier this year (Feb. 10, 2011). It became publicly apparent only last week, however, when signs marking the entrances to Rolling Hills were physically altered to identify the management firm by adding the acronym “IRM.”
It is unknown what effect, if any, the change will have on current or future tenants.
Agency approval of the change was necessary because it provided taxable bond financing of more than $5 million in July 1974 to build the complex, which opened in 1976. As the new operating general partner, Rolling Hills-Michaels LLC needed PHFA’s blessing to assume the existing mortgage, continue to operate the development (legally owned by an entity called Rolling Hills Apartments LP) and maintain its fiscal and physical condition.
Rolling Hills’ previous operating general partner and property manager was Community Realty Management Inc. (CRM), also based in New Jersey. IRM is no stranger to either Rolling Hills or CRM; the two have been involved in tangled legal battles regarding the apartments for several years.
According to the Montgomery County property records database, which was last updated Monday (June 6, 2011), Rolling Hills Apartments LP bought the complex during September 1989 for $11.6 million. The property is currently assessed for $7 million. Most of its units are of the two- and three-bedroom variety (there are a limited number of four-bedroom units) and the majority have only one bathroom, the database shows.