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Five HUD Multifamily Properties Sell for $12M

PHILADELPHIA-The portfolio encompasses 432 units, all fully leased with

By Marita Thomas | Updated on June 19, 2003

PHILADELPHIA-Devon, PA-based Prestige Group Inc. has negotiated the sale of a portfolio of five HUD multifamily properties with a total of 432 units. Three unrelated buyers, identified as “regional professional real estate investors” paid a total of $12 million for the five properties. Pleasantville, NJ-based Community Management Co. manages all of them, and all are fully leased and have waiting lists.

The largest is a two-property complex in Atlantic City: the 102-unit Atlantic City Apartments and 72-unit Berkley Garden Apartments. The remainder of the portfolio includes 22-unit Morelane Garden Apartments in the Germantown section of Philadelphia; 95-unit Apartments for Modern Living in West Chester, PA; 56-unit Medeso Manor in Baltimore, MD, and 81-unit Crosby Square in Chester, PA.

Bob Cohen, SVP of commercial investments for Prestige, handled the listing, marketing and sale of the portfolio. All of the properties were owned by regional partnerships that had owned them for at least 15 years under a limited dividends program with reduced mortgage interest rates. The financial tax advantages had “run their course,” Cohen said, a circumstance that precipitated the sale.

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