Search
 

Multifamily Properties Change Hands for $2.5M

PHILADELPHIA-In three separate transactions, 120 local multifamily rental units change ownership at prices ranging from $15,242 per unit to $34,722 per unit. The largest of the class-C buildings, Ivy Court in the East Oak Lane section, was in receivership.

By Marita Thomas | Updated on August 28, 2002

PHILADELPHIA-Ownership of two small multifamily rental buildings in the Northeast section of the city, as well as the 62-unit Ivy Court building in East Oak Lane, changes in three separate transactions totaling $2.48 million. All areclass-C properties, and the latter was in the hands of the bank, ready for auction.

A locally-based buyer formed Champlost Ivy LP to acquire Ivy Court, located at 901 W. Champlost St., for $945,000, or $15,242 per unit, from LaSalle Bank.

Stanwood Partnership sells the 18-unit Stanwood Apartments at 1940 Stanwood St. to Eugene Sterin, a local investor, for $625,000, or $34,722 per unit. Occupancy at Stanwood is above 90%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.