Maple Grove Apartments, Dublin, PA
PHILADELPHIA—Locally-based brokerage firm Rittenhouse Realty Advisors reports it has brokered the sale of the Royersford Gardens at 25 N. 5th St. in Royersford, PA in Montgomery County, and Maple Grove Apartments at 151 Maple Ave. in Dublin, PA in Bucks County.
The two apartment communities totaled 61 units. Corey Lonberger, managing partner at RRA, says, “Both properties traded at sub 6.5% T-12 cap rates and north of $110,000 per unit, which shows the strength of the multi-family market at this time. With historically low interest rates, values are at all-time highs.”
No further financial details of both transactions were released,
Royersford Gardens consists of 29 units located in a quaint residential neighborhood. Most units have a private balcony or patio. It was sold as a value-add opportunity due to the fact that only 31% of the apartments had been renovated by the previous owner, RPA states.
Maple Grove Apartments consists of 32 two-bedroom units. Prior to sale, the property had been owned and managed by the same owner since the early 1980s. It was also presented as a value-add opportunity, due to the rent growth potential after renovations.
Commenting on the overall multifamily market in the Philadelphia region, Mark Duszak, director at RRA, says, “The Suburban Philadelphia sub-market is extremely robust. This is the second deal this year in Dublin, Bucks County, PA that RRA sold at another record price per unit.”
An increasing number of buyers from outside of the Philadelphia market have been investing in properties in Philadelphia and the surrounding suburbs over the past few years.
Ken Wellar, managing partner at RRA, adds, “Our firm is regularly in contact with apartment buyers in New York and Northern New Jersey that are looking for deals in the Philly market. The buyer in the Royersford Gardens transaction was a group out of North Jersey that is new to the multi-family industry.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
