The 180-unit portfolio consists of the Manchester Apartments,located at 2800 Welsh Rd. and Woodbridge Mews Townhomes, located at9401 Ashton Ave. Manchester has 132 newly renovated garden styleapartments, which are a mix of efficiency, junior, one-bedroom,one-bedroom deluxe, and two-bedroom apartments. Woodbridge Mews ismade up of large one-bedroom and two-bedroom townhomes with privateentrances consisting of 48 units. Woodbridge is 99% occupied, whileManchester has a 7% vacancy rate.

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[IMGCAP(2)]At approximately $75,000 per unit, Jason Liss,principal at the firm, tells GlobeSt.com that this transaction"should represent the largest per unit price sale" recorded forthis submarket.

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In December, Liss Property Group acquired a 91-unit garden styleapartment complex called Haldeman Manor Apartments in far northeastPhiladelphia at $70,600 per unit.

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Its two latest acquisitions, Liss says, "have been impeccablymaintained by Chancellor. Also the credit tenant profile in thebuildings is great." Those factors, taken with the company's 1,033units it already owns in northeast Philly make this acquisitionmore of an economies of scale play as opposed to a value addproposition.

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The firm likes this part of town, Liss adds. "It has greatemployment, continued population growth and there is no where elsefor developers to build." That is why the company is in the processof closing on yet two more holdings here. The two properties, whichare scheduled to close by month end, will bring the number of unitsthe company owns here to 1,309.

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