PHILADELPHIA-South Orange, NJ-based Hawthorne Associates LP has sold Fishers Crossing, a 216-unit multifamily rental complex at 4901 Old Stenton Ave., to Brooklyn, NY-based SGAG Realty LLC for $7.3 million, or $33,796 a unit. The asset consists of a main building, which was converted from a former silk factory to apartments in 1981, and townhouses that were added in 1985.
Joni Sweetwood, VP of Woodridge, NJ-based Kislak Co., represented SGAG in the negotiations, and Jacob Friedman, also of Kislak, represented the buyer. Sweetwood says the Philadelphia investment sales market "is incredibly strong." The price tag for this property "is low in comparison with others," she tells GlobeSt.com. "If the whole property was townhouses, it would have commanded more, but the silk building creates an odd configuration in which you enter the building on the fourth floor."
She says the complex is approximately 90% occupied. Unit rental rates are mostly in the $600s a month, according to Sweetwood, and the townhouse rates are over $800 a month. Hawthorne will maintain it as a rental property.
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