(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles, and don't forget RealShare DISTRESSED ASSETS, October 4-5 in Grapevine, TX).
CHESTER, PA-A multifamily portfolio here traded out of receivership to a private entity based in New York for the bargain price of $8.5 million. The purchase grabbed three properties consisting of a 386-unit total. Joseph Brecher, executive vice president, and sales associate Eli Kessler of Gebroe-Hammer Associates arranged the sale.
The receiver of the property was Altman Management and the purchase was made with financing from New York Community Bank. The portfolio had sat for about a year in receivership at the time of purchase, Brecher tells GlobeSt.com. “It was a distressed property and the buyer knew exactly what he had to build. He knew what he had to do to bring it up. Three different properties, each one with its own set of challenges.”
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
