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1920s Multifamily Trades for $106,000 a Unit

ARDMORE, PA-A Connecticut investor pays $10.6 million for the Suburban Court Apartments' 95-unit main building and five-unit adjacent one.

By Marita Thomas | Updated on July 24, 2007

(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.

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