(Read more on the multifamily market.)
ARDMORE, PA-Greenwich, CT-based Lighthouse Group Real Estate Advisors LLC has acquired the Suburban Court Apartments at 113 Cricket Ave. for $10.6 million, which translates to $106,000 a unit. It consists of a three-story, 95-unit building that was completed in 1926 and the adjacent converted 1900s Victorian building that was converted into five residential units.
The seller, a local real estate investor identified as Suburban Court Partners LP, acquired the main building in late 2003 for $7.2 million and later added the adjacent property, primarily to obtain additional parking space for the rental facility, according to Ridge MacLaren, a director of the national multi housing group of Marcus & Millichap.
MacLaren, who works in M&M's Philadelphia office, represented the seller and also procured the buyer. "The seller invested in significant renovations," MacLaren tells GlobeSt.com. They include a new fitness center and leasing office and upgraded lobby and laundry room.
The complex is 95% occupied, he says, and market rent rates begin at $865 a month for a studio, reach to $1,055 for a one-bedroom and to $1,095 a month for a two-bedroom unit. The property is located on the Main Line near Suburban Square Mall, a Septa regional rail line and an Amtrak station. David Kohl, managing principal of the Lighthouse Group, says in a statement, "it's an excellent value add proposition that we will look to build upon over the years to come."
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