HARRISBURG, PA-Moses Mizrahi has acquired Towne House Suites & Apartments, a 20-story mixed-use property at 660 Boas St. for $15.5 million from Philadelphia-based AMC Delancey Group. The buyer also owns the Executive House apartments at 101 S. Second St., which is approximately a mile away.

After acquiring the Towne House property nine years ago, AMC Delancey redeveloped its first three floors into a 60-key extended-stay hotel along with a restaurant, bar and salon, and retained 300 residential apartment units on the other 17 floors. Ken Balin, president and CEO, tells GlobeSt.com his company paid $7.5 million for the building in 1996. Most recently, the restaurant has been renovated.

"With market conditions favorable to divestiture and our ongoing strategy of pairing with operating partners in larger transactions," he continues, "the disposition of this property fit right into our strategic plan." Among the company's recent partnerships is one with Paramount Hotel Group in acquiring properties in Jacksonville, FL; Largo, MD and Orlando.

AMC Delancey's Brian K. Friedman, VP and general counsel, and Andrew J. Kleeman, VP of asset management, represented the seller. Ann Bailey, first VP of the Philadelphia office of CB Richard Ellis, represented Mizrahi.