PHILADELPHIA-As evidence of continuing investor interest in multifamily rental properties, four apartment complexes with an aggregate of 273 units have sold in separate, unrelated transactions. They are Windmere Court Apartments, Windsor Estates, Cobbs Creek Court and Boulevard Apartments.

The 21-unit Boulevard Apartments at 4723 E. Roosevelt Blvd., is the smallest of the assets, but commanded the highest price per unit. The buyer, David Pollack, paid Charles Moses $955,000, or $45,476 a unit for the building. Jacob Freidman of the Woodbridge, NJ-based Kislak Co. represented both parties. Freidman was involved in all four of the property sales. He tells GlobeSt.com this asset was built in the 1940s, and the deal had a cap rate of 7%.

The biggest, 91-unit Windmere Court at 4800 Walnut St., commanded $3.9 million, or $42,857 a unit. Freidman represented the buyer, Duddy Ginsberg, and the seller, Izzy Bleier. "The cap rate on this deal was also 7%," according to Freidman. "The property was built in the 1920s and needs upgrading. But, it's in University City, and the buyer sees upside potential even after investing in capital improvements."

Windsor Estates, an 82-unit building on W. 70th St., sold for $2.6 million, or $31,707 a unit. Jeffrey Weiner, president and co-managing director of Kislak and Freidman represented both sides. The buyer is the Brooklyn, NY-based Medary and Stanton Associates LP, and the seller is locally based Group Housing Consultants Inc. The asset was built in the 1960s, Freidman says. "This was part of a larger, 230-unit portfolio in which the buyer saw decent cash flow. There aren't that many places where you can get a decent return, and they see particular value in multifamily properties," which are income-producing assets. "There's a feeding frenzy for multifamily properties in the Philadelphia area," he says.

Cobbs Creek Court, a 79-unit complex at 6231-6241 Chestnut St., especially confirms Freidman's contention. While the other three properties had vacancies of less than 5%, there was a fire in this property during negotiations. "So, it sold vacant and damaged," he says. Nevertheless, the New York City buyer, identified as 62-35 Chestnut St. Corp., paid $2.5 million, or $31,646 a unit. "The new owner will put about $1 million in the property, and still get a good return," says Freidman, who also represented the seller, Hancock Street Properties Inc., also based in New York City.