BRYN MAWR, PA-Brokerage firm Binswanger reports the sale of a 1.44-acre multifamily site on Old Lancaster Ave. here.
The parcels, sold by two separate owners at 847 and 859 Old Lancaster Ave., were purchased by JLPH Associates, LP, which plans to develop a new multifamily project at the site.
The parcels consist of a two-building apartment complex that features 24 two-bedroom/one bath apartment units totaling 32,580 square feet on 1.1 acres. The facility is currently 54% occupied. The newly acquired property also currently has a medical office building comprised of a two-story colonial single-family type building on 0.35 acres. The property has ample off-street parking and a three-car detached garage.
“This assemblage sale repositions a prime Bryn Mawr corner at South Merion Avenue and Old Lancaster Road. Interest for new product will be significant,” states Binswanger President Scott Gabrielsen, who along with Scott Williams and Nick Sannelli handled the transaction.
Binswanger brokered the sale on behalf of Main Line Realty Corp.
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