Wednesday, December 11, 2013

204 Units Trade for $15.5M

Home Properties, Inc. acquired the Camelot Court multifamily property at 532 W. Brookhaven Rd. in Brookhaven, PA from AJI Properties for $15.5 million, or about $76,000 per unit. 

The buyer has renamed the 204-unit, 219,483-square-foot property as Stone Hill Apartments. Built in 1971, the property consists of 11 three-story, garden-style buildings on 9.3 acres in the Lower Delaware County submarket, near I-95 and I-476. 

The asset was 90 percent occupied at the time of sale, with average rents around $918 per month.

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