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PHILADELPHIA-Audubon Philly LLC, an entity consisting of four principals of New York-based Vintage Group, acquired the Apartment Center, a 456-unit multifamily complex near Roosevelt Boulevard and Oxford Circle, for $16 million, or about $35,088 per unit. The group renamed the property Audubon Center following a pattern it established with the purchase of the 328-unit Crossings at Glassboro (NJ) last year, which it renamed Audubon Ridge at Glassboro.

“We like the Philadelphia area, and we’re looking to buy more there,” say the principals in a statement. “We like Philadelphia’s stability and its dynamic, broad-based employment sector. That’s why we’re seeking to buy similar, middle-income complexes.”

The Vintage principals are Gary Podell, Andrew Schwarz, Eric Nelson and Charles Reyher. The company, formed in 1992 to acquire, develop and manage multifamily properties, currently owns and operates more than 5,000 units, totaling approximately five million sf, throughout the greater New York metropolitan area.

The locally based Korman family developed the Apartment Center in Northeast Philadelphia in the 1940s and continued to own and manage it over the following six decades. It consists of eight separate complexes. Of the total 456 units, 371 are duplex style. After acquiring the property, Audubon Philly sold the 85 non-duplex units to another investor for an undisclosed price.

The buyer says that although the units are “in excellent condition,” it will begin upgrades this spring. The upgrades will center on the kitchens and baths, and the new owner will also install some new windows.

The duplexes have garages and basements with washer-dryer hookups. Unfurnished one-bedroom units of about 800 sf rent for between $649 and $709 a month. Unfurnished two-bedroom units are 900 sf and rent for between $739 and $809 a month. The rental rate for furnished one-bedroom units is $1,250 a month, and furnished two-bedroom units rent for $1,450 a month.

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