BENSALEM, PA—Primavera Properties, a private developer in Sharon Hill, PA, acquired Cornwells Station Apartments, a 119-unit apartment complex in Bensalem, Bucks County, PA, from the complex's private owners for $8.55 million, in a transaction brokered by The Kislak Co. Jason Pucci, chief operating officer of Kislak, confirmed the transaction pricing to GlobeSt.com. Real Capital Analytics, a proprietary commercial real estate research organization, identified the buyer.
Kislak marketed the property on an exclusive limited basis. Sales associate Justin Lupo represented the seller and vice presidents Barry Waisbrod and Matt Weilheimer represented the purchaser.
Cornwells Station Apartments was built in 1968 and, before Kislak's engagement, had never been on the market. The property offers one-bedroom and two-bedroom units, all with spacious floor plans, eat-in kitchens, and large walk-in closets. Before the sale, select units were upgraded with new kitchens and bathrooms.
“Our marketing of Cornwells Station Apartments provided investors with an opportunity to acquire a highly desirable property in Bucks County,” says Lupo. “Due to continued investor demand for multifamily properties, along with a large value-add component, we were able to achieve a very aggressive price for property.”
“The purchaser saw potential in the property to upgrade it further since it was owned by original developer,” says Waisbrod. “The purchaser intends to invest a significant amount of capital into the property while bringing rents to market on turnovers.”
Cornwells Station Apartments is located directly across the street from the Cornwells Station rail station. The station is served by SEPTA's Trenton Line, which provides access between Center City Philadelphia and Trenton, NJ. The property also offers easy access to Interstate 95, Pennsylvania Turnpike and Route 1.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
BENSALEM, PA—Primavera Properties, a private developer in Sharon Hill, PA, acquired Cornwells Station Apartments, a 119-unit apartment complex in Bensalem, Bucks County, PA, from the complex's private owners for $8.55 million, in a transaction brokered by The Kislak Co. Jason Pucci, chief operating officer of Kislak, confirmed the transaction pricing to GlobeSt.com. Real Capital Analytics, a proprietary commercial real estate research organization, identified the buyer.
Kislak marketed the property on an exclusive limited basis. Sales associate Justin Lupo represented the seller and vice presidents Barry Waisbrod and Matt Weilheimer represented the purchaser.
Cornwells Station Apartments was built in 1968 and, before Kislak's engagement, had never been on the market. The property offers one-bedroom and two-bedroom units, all with spacious floor plans, eat-in kitchens, and large walk-in closets. Before the sale, select units were upgraded with new kitchens and bathrooms.
“Our marketing of Cornwells Station Apartments provided investors with an opportunity to acquire a highly desirable property in Bucks County,” says Lupo. “Due to continued investor demand for multifamily properties, along with a large value-add component, we were able to achieve a very aggressive price for property.”
“The purchaser saw potential in the property to upgrade it further since it was owned by original developer,” says Waisbrod. “The purchaser intends to invest a significant amount of capital into the property while bringing rents to market on turnovers.”
Cornwells Station Apartments is located directly across the street from the Cornwells Station rail station. The station is served by SEPTA's Trenton Line, which provides access between Center City Philadelphia and Trenton, NJ. The property also offers easy access to Interstate 95, Pennsylvania Turnpike and Route 1.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
