by Steve Lubetkin, Globest.com
The $4.2 million sale of University House Apartments, located at 801 South 47th Street in Philadelphia, PA traded earlier. The property features 28 apartments with a mix of studio, one-bedroom, two-bedroom, and three-bedroom units.
The property, originally built in 1923, was last acquired by Resource Real Estate in June 2017 as part of a three-property portfolio, for approximately $1.4 million of the portfolio’s $7 million sale price.
The buyer was not identified.
University House Apartments is situated in the highly sought-after Clark Park area of University City with convenient access to Interstates 76, 476 and 95. It is situated on Baltimore Avenue, the neighborhood’s main thoroughfare, lined with restaurants and shops as well as a SEPTA trolley line that residents can take directly to Center City, Philadelphia. This property is also within walking distance of the University of the Sciences Philadelphia, the University of Pennsylvania, and Drexel University.
“The seller was able to capitalize on strong market conditions and sell at a great price due to the demand of the University City submarket. The property was purchased by a local long-term holder that specializes in value-add opportunities in the University City market. They plan to renovate the kitchens and bathrooms to increase rents significantly at the property.”
www.omegare.com
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