(Read more on the multifamily market.)
DREXEL HILL, PA-Eagle Garden Associates has put Tall Trees Village, a 180-unit rental complex at 4410 Township Line Rd., up for sale. The asking price is $10.8 million, which represents $60,000 a unit.
Eagle Garden is a locally based partnership consisting of several families, and it has owned the asset for 25 years. In the process of estate planning, the younger members of the partnership want to dispose of this property in order to reallocate funds for expansion of the partnership's portfolio, according to Mark Wolff, a senior associate in the Philadelphia office of Marcus & Millichap. Wolff is marketing the property.
It was built in the 1940s and has been upgraded with new roofs and HVAC systems. It consists of 14 three-story buildings on a 6.6-acre parcel bordering an upscale Drexel Hill neighborhood within eight miles of Center City Philadelphia.
There are 103 one-bedroom units, 75 two-bedroom layouts and two three-bedroom plans, ranging in size from 900 sf to 1,500 sf. Wolff says current average rents are $795 a month for a one-bedroom, $895 for a two-bedroom and $975 for the largest units. “This is a densely populated, stable rental market with an occupancy rate of 95%,” he says. “Given its size and location, Tall Trees provides a buyer immediate scale here with great upside potential.”
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