Liss Property Group Adds Two Philly Apartment Properties to Portfolio
The Gladwyne, PA-based firm has purchased the Fox Chase Apartments, at 7922-36 Barnes St. and the Arendell Avenue Apartments, located at 4308 Arendell Ave. in Northeast Philadelphia, according to Rittenhouse Realty Advisors, which brokered the transaction.
PHILADELPHIA—The Liss Property Group has acquired 66 multifamily units at two apartment properties in Northeast Philadelphia.
The Gladwyne, PA-based firm has purchased the Fox Chase Apartments, at 7922-36 Barnes St. and the Arendell Avenue Apartments, located at 4308 Arendell Ave. in Northeast Philadelphia, according to Rittenhouse Realty Advisors, which brokered the transaction.
No financial terms of the deal were disclosed.
The properties are both located close to I-95 and are within a 30-minute drive to Center City, Philadelphia. The Fox Chase Apartments are directly across the street from the Fox Chase Regional Rail, which stops at Temple University as well as in Center City and University City, while residents of the Arendell Avenue Apartments have access to SEPTA Bus Route 66 to the Frankford Transportation Center.
Rittenhouse Realty Advisors director Mark Duszak says of the transaction, “Investor demand was extreme for these properties. RRA’s marketing process generated 54 tours and 18 offers. With both properties located in the Greater Northeast and offering below-market rents with renovation upside, investors from New York to Washington D.C. turned out, but ultimately it was sold to a local operator.”
“This was a natural purchase for the Liss Property Group to expand their foot print in the Northeast,” adds Ken Wellar, managing partner of RRA.
In early 2019, Rittenhouse brokered the Liss Property Group’s sale of the Keystone Lofts in the Tacony/Lower Mayfair neighborhood in Northeast Philadelphia to an international buyer at more than $140,000 per unit, a record price for Northeast Philadelphia.