Adding Value to University-Adjacent Apartments
- Apr 09, 2015
Philadelphia—Greenzang Properties has acquired the Rosamond Apartments and Chester Arms Apartments, two apartment buildings totaling 92 units located on Chester Ave. in Philadelphia, for $6.275 million.
The company is planning a $1.5 renovation to the University City properties and will rebrand them as 4107 Chester Ave. and 4203 Chester Ave.
“The appeal of the deal is the fact that it was run down and in a good neighborhood,” Michael Greenzang, Greenzang Properties’ president, told MHN. “My model is to add value by adding amenities such as air conditioning, dishwashers, new bathrooms, and refinished wood floors. We will also add a new elevator.”
According to Greenzang, the transaction complements and grows the company’s presence in the University City market.
“This is a buy, improve and hold opportunity in the same location as several other properties I own,” he said. “I own the property next door to 4107 Chester and I plan to combine the two separate alleys between the buildings into a courtyard.”
The property is conveniently located near the University of Pennsylvania, Philadelphia School of Sciences and several teaching hospitals and veterinary schools.
Greenzang Properties portfolio now consists of 28 properties totaling 503 units.
Financing for the project was arranged by George Johnson, president & CEO of Philadelphia-based Rittenhouse Capital Advisors.