Friday, August 10, 2018

Chestnut Hill Village and Blossom Row Apts Trade in #Philadelphia

by Steve Lubetkin,
A two-property, transit-oriented apartment portfolio totaling 821 units traded in the historic Chestnut Hill submarket of Philadelphia, PA.

Goldman Sachs Asset Management Private Real Estate purchased the offering free and clear of existing financing.  The new owner’s behalf to procured a 10-year, fixed-rate acquisition loan through TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA).

The properties included in the offering are Chestnut Hill Village and Blossom Row.  The properties, which were bifurcated in 2017, are situated on a total of 45 acres surrounding Market Square, an ACME grocery-anchored shopping center, and adjacent to the Wyndmoor SEPTA regional rail station.  Chestnut Hill Village includes 704 units within 23 two- and three-story buildings.  Blossom Row encompasses 117 private-entry, two-story townhomes, which include fenced-in backyards and finished basements.  Residents have access to best-in-class amenities, which are highlighted by a community pool and a recently constructed clubhouse with fitness center.  The portfolio is 96 percent occupied overall.

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