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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