Wednesday, March 23, 2011

192-Unit Philadelphia Apartment Trades for $15.5M

"The Orbach Group has acquired the Hamilton Court East apartments in Bensalem, PA for $15.5 million, or roughly $80,700 per unit.

Hamilton Court East consists of 15 two-story buildings located at 3455 Street Rd. The 192-unit property is comprised of juniors, one-bedroom and two-bedroom units with rents ranging from $795 to $1,145.

Eighty-five percent of the units have already completed gut renovations, and all 167 have been completely leased. The upgraded units feature new windows and doors, stainless steel appliances and granite countertops in the kitchen, and new carpets and lighting fixtures. The remaining 25 units will undergo similar renovations next month. Capital improvements were also made to the common areas, roof, laundry room, parking lots and HVAC systems.

"Hamilton Court East is a perfect fit with The Orbach Group’s Pennsylvania’s portfolio," said Meyer Orbach, the firm’s president. "Like our other properties, Hamilton Court East is ideally located and provides a great combination of shared and unit specific amenities that provide a highly desirable and luxurious residence at rental prices that are among the most competitive in Southeastern Pennsylvania."

The property is located in Bucks County off the Turnpike, minutes from I-95 and US Route 1 and a short drive to Center City and all that downtown Philadelphia has to offer. This is the newest acquisition for the New Jersey-based owner, developer and manager of over 3,500 rental units in New York, Pennsylvania and New Jersey."

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