Merion Manor Trades for Record $179K Per Unit

(To read more on the multifamily market, click here.)

MERION STATION, PA-A developer based in Studio City, CA has bought Merion Manor, a 31-unit apartment building at 212 Idris Rd., for just under $5.6 million. The buyer plans to convert the building, which was built in 1925 and is fully leased, to condominiums.

While properties on the Main Line trade for well in excess of the suburban-area median, “$179,129 a unit is a record for Lower Merion,” Spencer Yablon, an associate in the Philadelphia office of Marcus & Millichap, tells GlobeSt.com. Yablon and colleague Brad Nathanson were the listing agents for the seller, a local-area family partnership that Yablon says, “is divesting its apartment assets to get into other, less management-intensive real estate.”