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138-Unit Multifamily Asset Trades for $7M

CHESTER, PA-During a period of high demand for multifamily assets, J&B Elberon Properties acquires the Walnut Chestnut Park apartment complex for $47,826 a unit.

By Marita Thomas | Updated on January 31, 2007

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

CHESTER, PA-Lakewood, NJ-based J&B Elberon Properties LLC has acquired Walnut Chestnut Park apartments at 322 E. 23rd St. for $6.6 million, which translates to $47,826 a unit. The two-building, 138-unit complex was built in 1965.

The seller, Bala Cynwyd-based WCCP LP, has upgraded the grounds and parking area and begun replacing kitchen cabinets in the units, and the new owner will complete that process, according to Rob Holland, senior vice president and co-managing director of the Woodridge, NJ-based Kislak Co. Holland and Barry Waisbrod, a Kislak associate, represented both the buyer and the seller in this transaction.

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