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READING, PA-A New Jersey investor, Bruce Becker, acquired a three-building multifamily portfolio with an aggregate of 88 residential units for just under $4.7 million, or about $53,125 a unit. The buildings are Grammary Court, the Silk Mill and the Callowhill Building.

Grammary Court is a converted brick schoolhouse at 800 Weiser St. that contains 29 residential units. It was renovated in 1984. The Callowhill Building is located at the corner of Fifth and Walnut streets in the CBD. It is a 20,120-sf building that was constructed in 1939 and contains 17 residential apartments, three professional office spaces and a children’s day care center.

The seller of both of these properties is identified as 5th and Walnut LLC, which Scott Messmore, senior associate in the Philadelphia office of Marcus & Millichap, tells GlobeSt.com, “is a two-person partnership, and these are their only real estate assets.” Messmore is the listing agent for the portfolio and worked with Matthew Fotis and JD Parker of the company’s New York City office in representing the sellers. Terry Sutton of Alliance Commercial Realty represented the buyer.

Messmore says all three properties are 100% leased. Rental rates at Grammary Court range from $550 to $650 a month, he says, and apartments in the Callowhill property rent for between $600 and $700 a month.

Locally based Metropolitan Management Group sold the third property in the portfolio, which is the Silk Mill at 1200 N 11th St. The 42-unit loft-style building that was converted in 1986 from an 1890 mill. According to Messmore, rental rates range from $600 to $700 a month.

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