Tuesday, December 13, 2011

Two Sales Totaling Over $14 Million

"Two prime multi-family buildings were sold. Lofts at Liberty, located at 1600 Chestnut Street in center city Philadelphia, contains 54 units plus street level retail. The second property, located at 3717-3719 Chestnut Street in the heart of the University City district, has 29 units in 24,498 square feet, with some off-street rear parking.
"The sale of these two properties is an illustration of the current strong demand for multi-family properties. Multi-family properties are currently popular commodities because they offer stable investments with growth potential for their buyers. With rental rates rising and the current unstable condition of the single family housing market, the multi-family market is strong. Many private capital investors have become disillusioned with the "bungee cord" stock market and are turning to real estate as a more sensible investment strategy. Investing in multi-family product is a secure and sensible form of capitalizing on current market conditions."

The center city building was owned by Beneficial Partners, LP and sold to Pearl Properties. The property, located in CBD at 1600 Chestnut Street is directly across from Liberty Place. The building was built in 1954 and underwent major renovations in 2002. Situated in a prime center-city location it offers excellent long-term leasing opportunities. At the time of sale, the property was 100% leased.

The University City building was owned by 3719 Chestnut Corporation and sold to the Cathedral Church of the Savior. The property is fully occupied and is a desirable long-term investment for the buyer because of its location adjacent to the University of Pennsylvania and Drexel University and the strong collegiate occupancy that offers."

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