Monday, July 7, 2014

Center Square Towers Sold for $31.5M

AIMCO Holdings LP sold the Center Square Towers at 555 N. Broad St. in Doylestown, PA to Zencorr Properties for $31.5 million, or $90,000 per unit. 

The 350-unit, 8-story multifamily complex was constructed in 1975 and features 210 studio apartments and 140 one-bedroom apartments spread across two towers. 

Zencorr Properties was attracted to the complex because of the close proximity to its home base, the strong Doylestown demographics, and walkability to the nearby shops and restaurants. This acquisition represents the largest transaction to-date for the buyer.

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