Sunday, March 17, 2013

O’Neill Properties looks to sell apartment complex

by Natalie Kostelni-Staff Writer, Philadelphia Business Journal

O’Neill Properties Group has put up for sale the Lofts at Valley Forge, an apartment community along the banks of the Schuylkill River in West Norriton.
The complex consists of seven, four-story buildings with 388 apartments and is about 95 percent occupied. With the multifamily housing market still on fire, investors are still willing to plunk down a lot of money to pick up established properties that are performing well. The Lofts could sell for as much as an estimated $90 million. 
O’Neill Properties bought what was the Betzwood Industrial Park back in 2001 and set out to transform its 63 acres into a mixed-use development that, at the time, included office, apartments and a hotel. The property sits adjacent to Valley Forge Park and has direct access to a multijurisdictional trail that runs all the way to Green Lane to the west and down to Center City to the east.
O’Neill’s plans progressed over the years. The company converted what had been 250,000 square feet of industrial space into office. A portion of that space had once been home to the Lubin Studios. Film producer Siegmund Lubin produced silent films and westerns on the property in the early 1900s.

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