by Steve Lubetkin, Globest.com
Primavera Properties, a private developer in Sharon Hill, PA, acquired Cornwells Station Apartments, a 119-unit apartment complex in Bensalem, Bucks County, PA, from the complex’s private owners for $8.55 million.
Cornwells Station Apartments was built in 1968 and, before Kislak’s engagement, had never been on the market. The property offers one-bedroom and two-bedroom units, all with spacious floor plans, eat-in kitchens, and large walk-in closets. Before the sale, select units were upgraded with new kitchens and bathrooms.
“The marketing of Cornwells Station Apartments provided investors with an opportunity to acquire a highly desirable property in Bucks County. Due to continued investor demand for multifamily properties, along with a large value-add component, we were able to achieve a very aggressive price for property.”
“The purchaser saw potential in the property to upgrade it further since it was owned by original developer. The purchaser intends to invest a significant amount of capital into the property while bringing rents to market on turnovers.”
Cornwells Station Apartments is located directly across the street from the Cornwells Station rail station. The station is served by SEPTA’s Trenton Line, which provides access between Center City Philadelphia and Trenton, NJ. The property also offers easy access to Interstate 95, Pennsylvania Turnpike and Route 1.