Chester, Pa., apartment complex sold for $3.4M

by Natalie Kostelni

City National Bank has sold Park Terrace Apartments in Chester, Pa., for $3.4 million.
The 216-unit multifamily complex at 1127 Ward St. is a Class C complex was sold to an undisclosed buyer. The Los Angeles-based bank had taken the property back after it bought the now defunct Imperial Capital Bank. The previous loan was at $6.15 million, or $28,472 per unit. Lengthy bankruptcy proceedings and eventual foreclosure had left the property in disrepair, with mold and water damage to 91 units as well as unrepaired damage from a small fire. In all, the complex needed about $3.75 million in repairs.
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