By Paul Schwedelson – Reporter, Philadelphia Business Journal
A 205-unit apartment building in Phoenixville has sold in one of the Philadelphia region's largest multifamily transactions of the past year.
Jenkintown-based Lindy Communities bought the 185,566-square-foot property at 723 Wheatland St. for $48.2 million, according to Chester County property records. The seller was Fort Washington-based Westrum Development, which built the four-story apartment community in 2022.
Westrum operated the building, located just south of French Creek and the Schuylkill River Trail and north of Bridge Street, as Luxor Phoenixville, part of its Luxor collection of suburban apartment buildings. Following the acquisition, Lindy Communities rebranded the property as The Diamond at Phoenixville.
The sale price equates to more than $235,000 per unit, or nearly $260 per square foot.
Monthly rent at The Diamond at Phoenixville starts at $1,690 for studios, $1,655 for one-bedroom apartments and $2,575 for two-bedroom units, according to property's website. Amenities include an infinity-edge swimming pool and sundeck, fitness center, dog park, grilling station and residents' lounge.
Neither Lindy Communities nor Westrum Development responded to requests for comment on the sale.
Full story: https://tinyurl.com/z5v56xky
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