PT Real Estate Capital has sold the Hillside Manor Apartments at 1120 Ward St. in Chester, PA to LP Developers for $10.15 million, or about $47,000 per unit.
The 216-unit multifamily community is comprised of 54 quad-style buildings constructed in 1955 on eight acres in the Lower Delaware County submarket of Philadelphia. The two-bedroom apartments bring in average rents of $750 per month, and feature walk-in closets and renovated kitchens, as well as private yards and driveways for each unit.
The seller, specializing in distressed assets, acquired the property in May 2012 for $3.4 million in an REO sale. At the time the property was just 40 percent occupied.
www.omegare.com
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