ELKINS PARK, PA-Florida Exchange, a Boca Raton-based provider of intermediary services under section 1031 of the internal revenue code, has sold Elkins Park Apartments to locally based Montgomery Avenue Development for nearly $3.9 million, or about $77,500 a unit. The 13-building, 50-unit asset was completed in 1960.
It is located at 8000 High School Rd., near the Pennsylvania Turnpike and Rte. 611 in close proximity to a park, tennis courts, shopping and transportation, according to Mark Berk, managing director of Media-based Sperry Van Ness/Location 333 Realty. Berk and Nick Ludwig of the same SVN office represented both the buyer and the seller in the transaction.
According to Berk, the asset was 100% occupied at the close of escrow. It consists of 40 two- bedroom and 10 one-bedroom units, and rental rates range from $700 to $800 a month.
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