Thursday, January 28, 2016

Station Apartments in Croydon Sells for $6.55M

by Steve Lubetkin,
Croydon Station Apartments sold for $6.5 million. It is a 92-unit apartment complex in Bristol, PA. Buyer and seller were not identified. The sale marked the first time the property had been on the market since it was built in 1968.

“The sale of Croydon Station Apartments provided an opportunity to acquire a highly desirable asset in Bucks County. The transaction reflects the continued strong demand among investors for apartments, even as interest rates began to rise. Given the strength of the market, we obtained an aggressive price for the property, which was approximately 95 percent occupied at closing.”

All units at Croydon Station, 909 Bristol Pike, offer large floor plans, eat-in kitchens, and very large walk-in closets. Before the sale, the owner had upgraded select units with new kitchens and bathrooms. New hot water heaters were also installed throughout the property.

“The purchaser was eager to acquire such a strong property from a long term owner."

The property is located along Bristol Pike (U.S. 13) directly across from the Croydon Station SEPTA Line. The station is served by the Trenton Line, which provides access to and from Philadelphia; Trenton, NJ; and NJ Transit to New York City. The property also is near the Delaware Expressway and Pennsylvania Turnpike.

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