Wednesday, June 12, 2019

Local Investment Firm Sells Park Square for $108.5 Million

Local investment firm CornerstoneTracy sold the 314-unit Park Square apartment complex in King of Prussia, Pennsylvania, to Highlands Ranch, Colorado-based UDR for $108.5 million, or about $346,000 per unit.

The Class A, mid-rise complex at 751 Vandenburg Blvd. comprises a mix of studio, one-, two- and three-bedroom floorplans ranging from 553 to 1,470 square feet in four, four-story buildings. Built by the seller in 2018, the 4-Star property spans 18.6 acres less than four miles from the Norristown Transportation Center.

The property was approximately 70% leased at the time of sale.

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