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.
[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.
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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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
