Both properties were upgrade significantly over the past two years. As a result of the upgrades and Simon's management, operating costs declined and revenues increased, according to a statement from Simon.
West End was built in 1975 and consists of 19 units. Spring Garden is a pre-1940 complex containing one commercial space and 16 residential units. The properties are 95% occupied.
"The sale of these assets initiates a highly effective repositioning program at Simon Holdings as we redeploy our capital and talent to acquire industrial properties and apartment complexes of not less than 50 units," said Michael Simon, president.
Simon founded Simon Holdings, which consists of a group of high net-worth individuals, companies and institutions, in 1993. It is a privately held company that invests in, develops and manages office, industrial, multifamily and specialty real estate properties throughout PA and NJ.
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