Wednesday, April 24, 2019

84-Unit Montgomery County MF Package Sells for $8.56M

by Steve Lubetkin,
The $8.56 million sale of 84 multifamily units in the  Applegate Apartments and Applecore Apartments traded in Montgomery County.
Applegate Apartments, 72 units, is located at 434 West Vine Street in Hatfield, PA. Applecore Apartments, with 12 units, is located at 464, 472, and 480 2nd Street in Souderton, PA. Both towns are known for being excellent suburban locations and close to major employment centers.

The buyer, a limited liability company that was not identified. The buyer plans to begin renovations to upgrade the property and increase rents, so they are more in-line with the market.
“Value-add multifamily is still in high demand. Buyers are willing to accept low current returns for an opportunity to improve a property and generate higher rents.”

The seller was a family trust, also not identified. They had owned the property for decades.

“The seller was the second generation of the original developer of the property, who had owned it for 48 years,” says Townsend.

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