PHILADELPHIA-In separate transactions, two multifamily properties trade hands for an aggregate of almost $2.4 million. An unidentified investment partnership pays just over $1 million, or $36,207 a unit for Upsal Apartments, and an investor buys the six-story building at 210 S. 13th St. for $1.3 million.
The 29-unit Upsal rental property is located at 234-240 Sharpnack St. in North Philadelphia, "a submarket that is highly sought after by investors," according to Mark Wolff of the local office of Marcus & Millichap. He says the asset is 100% leased, is "well maintained and managed and has very low turnover and below market rents." Wolff and Fred Paisley in the same office arranged the transaction between Joseph DiLuzio, the seller, and the new owner.
The property on S. 13th between Locust and Walnut streets contains an income-producing hair salon on the ground floor and five vacant floors above. "The upper floors are ripe for conversion to condominiums in this thriving district of Center City," according to Ridge MacLaren of the M&M office here. He, Rachel Susman and Alyssa Schwartz negotiated the sale by Lawrence Guzzardi to Peter Ebizadeh.
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