Wednesday, December 9, 2015

SAS Regency Sells Bensalem MF to Wessex First Avenue for $20M

by Steve Lubetkin,
Wessex First Avenue Associates has acquired Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, PA, from owner SAS Regency for $19.75 million.

“The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region. Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington, DC markets.”

Wessex First Avenue Associates purchased the property free and clear of existing debt.  New debt was arranged for $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank for the new owner.

Regency Apartments, 2049 Brown Avenue, is less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey.  The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course.  The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.

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