Friday, March 8, 2019

27-Unit Multi Family Trade in Secane, PA

by Steve Lubetkin,
 Ashland Terrace was sold. It is a 27-unit apartment property comprised of 6 one-bedroom units and 21 two-bedroom units, at 711 Ashland Avenue, Secane, PA, an unincorporated community in Ridley Township and Upper Darby Township, Delaware County. The well-maintained property sold for $1.85 million.

The long-term owner had made several significant upgrades including substantial roof work, replacing boilers, and updated kitchens over the years. The buyer, a regional company, was secured and represented by the Philadelphia-based investment sales team as well.
“The property was only on the market for 30 days and generated 15 tours. The response we received from the market is reflective of the continued demand for multifamily properties, especially properties with upside in rents, such as Ashland Terrace.”

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