Wednesday, February 25, 2015

198-Unit Multifamily Sells in West Chester, PA

by Steve Lubetkin
TGM Associates sold a 198-unit apartment and town home community in West Chester, PA.
Metropolitan Management Corporation was the buyer.

Halstead is situated on more than 11 acres at 812 Goshen Road near Routes 202 and 322 and the West Chester Pike in the heart of West Chester.  The garden- and townhome-style property consists of six, two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 square feet each and townhome units averaging 1,076 square feet.  Community amenities include a newly-renovated clubhouse, fitness center and bark park.

“Halstead represents the opportunity to continue a proven renovation strategy in one of Philadelphia’s most highly-acclaimed suburban submarkets.  Investors continue to target West Chester due to strong rental growth, low vacancy, high household income, and the increasing number of jobs throughout the area."

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