DOYLESTOWN, PA–Locally based Zencorr Properties has acquired Center Square Towers, a 350 unit apartment complex here, for $31.5 million, in a deal arranged by SSH Real Estate.
The complex was formerly owned by AIMCO.
Zencorr Properties is headed by Piero Corrado, Christopher Zentgraf and Sandro Corrado. Founded in 2007, the company has previously focused on acquisition and management of off-campus student housing projects.
Zencorr was attracted to the Center Square complex because of its proximity to the company's home base, the excellent demographics of the Doylestown area and the “walkability” of the Doylestown shopping area. It purchased the property with a 1031 real estate tax exception.
The group plans to renovate units and common areas in the complex. Zentgraf, who serves as general counsel of Zencorr, said, “Our track record in providing quality housing and professional management services will make this
one of the premier housing options in Doylestown.”
Adam Gillespie of SSH Real Estate, represented Zencorr in the transaction. Gillespie sought out the purchase opportunity for Zencorr.
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