PHILADELPHIA-Two big apartment complexes – one here and anther in Bristol – were traded in 1031 like-kind exchanges for a total of $42.2 million, in deals set up by The Kislak Company for long-time clients.
The Ashley Court Apartments, a 254-unit community at 10900 Bustleton Avenue was sold for $16.1 million
In Bristol, the 617-unit Levittown Trace Apartment Homes at 3000 Ford Road garnered $26.1 million.
“The seller of Ashley Court owned the property since 1985 and for tax purposes sought to exchange it into a larger property of greater value,” said Kislak's Jeffrey Wiener. “Levittown Trace was the perfect fit. These were excellent deals for all parties involved.”
In the case of each property, it was the second time Kislak had sold it. The properties were marketed exclusively, with Wiener leading the assignments. Wiener represented the buyer as well as the seller in the Levittown Trace transaction. Jacob Friedman represented the purchaser of Ashley Court.
“Each sale represented an extraordinary opportunity to acquire a large, desirable and established multifamily asset in the Philadelphia MSA, in which we have a strong presence and successful track record of sales,” said Kislak's Robert Holland. Kislak is based in Woodbridge, NJ.
The sale of Ashley Court was the 26th transaction Kislak has andled for that seller. For the Levittown seller, it was the 60th transaction.
In the past year, Kislak's sales in eastern Pennsylvania total more than $200 million, Holland said.
Ashley Court is a garden apartment complex in the northeast Philadelphia, 20 minutes from Center City. It has studios, one-bedroom and two-bedroom units. The seller had recently completed a heating system conversion.
“Given the strong Philadelphia rental market, the purchaser was looking to expand its portfolio and local presence,” said Friedman.
Levittown Trace, also a garden complex, is situated in lower Bucks County. It has one- and two-bedroom units, which are 90% occupied.
“Levittown Trace was a value-added opportunity in a very strong rental market, which the seller appreciated,” added Wiener. “The purchaser intends to improve the property and increase rents.”
As part of the sale, the purchaser assumed the seller's first mortgage with Freddie Mac.
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© 2024 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.
