153-Unit Community Trades in Philly Suburb
- Aug 05, 2016
Philadelphia—Real estate advisory firm Rittenhouse Realty Advisors announced that Shirley Court Apartments, a 153-unit multifamily community in suburban Philadelphia, changed hands for $8.1 million.
The property previously traded mid-2007, when FMF Investments cashed in on roughly $5.5 million from NOVO Properties. The identity of the new owner has not been disclosed. However, RRA Managing Partner Ken Wellar mentioned in prepared remarks that “The buyer is out of North Jersey and has numerous holdings in the immediate area.”
Located at 7201 Bradford Road in Upper Darby, Pa., Shirley Court Apartments was completed in 1932. According to Yardi Matrix, the community has a 93.5 percent occupancy rate as of June and offers 136 one-bedroom and 17 two-bedroom apartments. With an average rent of $765 in 2015, the property encompasses units ranging between 500 and 750 square feet. The three-building community features a 75-spot subterranean parking garage, as well as 2,000 square feet of open space that could accommodate new units or an amenities area.
With renovations started by the previous owner, RRA Director Mark Duszak presents Shirley Court as a valuable asset in a tight market: “Value-add opportunities similar to this are in extreme demand in suburban Philadelphia. This asset hit all the buttons buyers are looking for.”
Image courtesy of Yardi Matrix