Local Investor Pays $9.7M for 196-Unit Property in NE Philadelphia
A 196-unit multifamily property in northeast Philadelphia has fetched $9.7 million or $49,513 per unit.
Ken Wellar and Corey Lonberger, investment specialists in Philadelphia for Marcus & Millichap Real Estate Investment Services, marketed the property for the seller and secured the buyer of 7400 Roosevelt Blvd. All the brokers will say about the buyer is it's a "well-established local owner with experience assuming complex mortgages."
Wellar added that the asset drew "tremendous investor interest" due to the value-add opportunity of boosting rents through capital upgrades.
"The new owner sees terrific upside in repositioning the property,” Lonberger said. “The sale was an exercise in patience- and trust-building between the buyer and seller. It didn’t happen overnight, as the assumption took some time, but both parties worked steadily towards successful settlement.”