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Solomon Sheds Four Multifamily Assets

PHILADELPHIA-A Long Island developer pays $20.5 million for a 324-unit portfolio that includes Liberty Crossing here, two properties in Levittown and another in Bensalem.

By Marita Thomas | Updated on August 31, 2006

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

PHILADELPHIA-The Mountainside, NJ-based Solomon Organization has sold four multifamily rental properties aggregating 324 units to a buyer identified only as a Long Island, NY-based real estate developer for $20.5 million. The properties were all built in the late 1960s and early 1970s, and Solomon has owned them for the past five to eight years.

The assets are: 96-unit Liberty Crossing at 3101 Woodhaven Blvd. here; 80-unit Salem Crossing at 3550 Street Rd. in Bensalem; and 36-unit Mills Crossing at 6750 Millcreek Rd. and 112-unit Country Club at 1228 New Rodgers Rd., both in Levittown. Occupancy ranges from 94% to 97%, and the monthly rentals average $650 for one-bedroom units and $950 for two-bedroom layouts.

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