Thursday, February 20, 2014

Carol Manor Apartments trades for $1,050,000

Carol Manor Apartments, an 18-unit apartment property located at 4300 Pearson Avenue in  Philadelphia, PA asset sold for $1,050,000.

 “The building had some challenges due to a fire around the turn of 2013 which caused occupancy to dip,” said Newton.  “At the time of sale, the building was 65% occupied.  Nonetheless, we generated tremendous interest in the property and the ultimate buyer was focused on future cash flow instead of current income,” he added.  “This transaction speaks to the demand within the multi-family arena today.  Out of state capital tends to be forward looking while local investors often focus on the rear-view mirror. We’re very pleased with how this deal played out.  

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