BRISTOL, PA—The Kislak Company has brokered the $6.5 million sale of Croydon Station Apartments, a 92-unit apartment complex in Bristol, PA. Buyer and seller were not identified. The sale marked the first time the property had been on the market since it was built in 1968.
Kislak marketed the property on an exclusive basis. Sales associate Justin Lupo and vice president Barry Waisbrod represented both parties in the transaction.
"Justin and Barry did an incredible job bringing this property to market in a competitive environment and quickly procuring a purchaser," says Robert Holland, Kislak's president. "I commend them on their well-earned success."
"The sale of Croydon Station Apartments provided an opportunity to acquire a highly desirable asset in Bucks County," says Lupo, who joined Kislak in 2014 and won the firm's2015 Rookie of the Year award. "The transaction reflects the continued strong demand among investors for apartments, even as interest rates began to rise. Given the strength of the market, we obtained an aggressive price for the property, which was approximately 95 percent occupied at closing."
All units at Croydon Station, 909 Bristol Pike, offer large floor plans, eat-in kitchens, and very large walk-in closets. Before the sale, the owner had upgraded select units with new kitchens and bathrooms. New hot water heaters were also installed throughout the property.
"The purchaser was eager to acquire such a strong property from a long term owner," says Waisbrod, winner of Kislak's Sima Kislak Jelin Salesperson of the Year award in 2013 and 2015.
The property is located along Bristol Pike (U.S. 13) directly across from the Croydon Station SEPTA Line. The station is served by the Trenton Line, which provides access to and from Philadelphia; Trenton, NJ; and NJ Transit to New York City. The property also is near the Delaware Expressway and Pennsylvania Turnpike.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
