(To read more on the multifamily market, click here.)
WEST CHESTER, PA-Real Estate Capital Advisors Inc., a general partner of Manor Crossing LP, has purchased Marshall Square Apartments, a 66-unit multifamily rental asset at 700 E. Marshall St., for nearly $4.4 million, or $66,212 a unit. Bill Wilson, a principal of Real Estate Capital, tells GlobeSt.com he is investing an average of more than $9,000 a unit, or an aggregate of about $600,000, to renovate the complex. "We plan to rename it Manor Crossing."
The property was built in 1970 and was 97% leased at the time of the sale. The average rent rate, according to Wilson, is about $850 a month. "We're putting in an all-new HVAC system, upgrading common areas and landscaping, installing new tile and carpeting and repainting the exterior."
"Young single and married professionals represent much of the market and will be a significant part of the base we plan to tap," says Wilson. "We see upside potential in rent rates." The Wayne-based Real Estate Capital already owns apartments in the area, "and we are planning to add units to our portfolio."
Phil Earley of Wayne-based Lieberman Earley & Co. represented the buyer. Bob Cohen of the Devon-based Prestige Group represented the seller, a local-area group of investors. Al Jones of Penn Liberty Bank, also based in Wayne, arranged financing for the project.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
