GLENOLDEN, PA-New Jersey-based Kislak Company has completed the sale of a 174-unit apartment complex in this Delaware County suburb for $13.5 million. The seller realized a record high price-per-unit for multi-family properties sold in the county after considering ten offers, according to the brokers.
Kislak’s vice-presidents Andrew Jonas, Barry Waisbrod and Matt Wellheimer, along with its president Robert Holland, coordinated the trade on behalf of an unidentified REIT. A private investor acquired the Glen Brook Apartments property, which include three commercial spaces.
Glen Brook Apartments, built in 1964, is comprised of 14 three-story brick buildings. The majority of the units have at least two bedrooms and every unit is a corner unit.
The complex is located opposite one of the highest-rated elementary schools in the county.
“Our team did a fantastic job marketing the property, generating tremendous interest among well-qualified investors and selling it,” said Jonas. “The seller engaged Kislak on an exclusive basis and the sale marked our 11th successful transaction together.”
Holland said the multifamily market remains extremely strong in and around Philadelphia. “Glen Brook Apartments has a high occupancy history in a very sought-after market, which made it especially attractive to investors,” he said.
At the time of closing, the property was 95% occupied, according to Woodbridge-based Kislak.