PGIM Real Estate Sells Philadelphia-Area Community
The property in Bala Cynwyd, Pa., was purchased for $59.5 million.
PGIM Real Estate has sold The Royal Athena, a Class A community in the Philadelphia submarket of Bala Cynwyd, Pa. Affiliates of Harbor Group International has acquired the 275-unit waterfront property, in the newly rebranded Pencoyd Landing, for $59.5 million.
Pencoyd Landing is home to a new $30 million, 11-acre redevelopment project that will soon feature a public plaza, café, restaurant with terrace and access to bike trails.
Located at 600 Righters Ferry Road, The Royal Athena offers one- and two-bedroom apartments. Residences feature loft layouts, island kitchens, walk-in closets, hardwood floors and in-unit washers and dryers. A media center with a movie theater is among the common-area amenities.
Built in 2016, The Royal Athena is a six-story, steel-frame, elevator-served property built on nearly 7 acres.
The town was formed by merging two communities named after villages in Wales, Bala and Cynwyd. Situated 15 minutes from Philadelphia’s City Center, The Royal Athena is convenient to SEPTA’s Wissahickon regional train station, featuring service to City Center.
Interstate 76 and Route 1 are less than 1 mile distant. In a statement, HCI noted in a prepared statement that the property is situated in a Philadelphia submarket with increasingly robust employment drivers as well as access to universities and nightlife. The nearby Cynwyd Heritage Trail is a 2-mile multi-use trail used by walkers, bikers and, in the winter, cross-country skiers.
The transaction was facilitated by Newmark sales broker Erin Miller, and debt was arranged through managing directors Henry Stimler, Ari Schwarbad and Bill Weber.
Earlier this week, Harbor Group sold a 700-unit community in Pembroke Pines, Fla., for $222.7 million, marking the metro’s largest recorded multifamily sale this year.