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MERION STATION, PA-A developer based in Studio City, CA hasbought Merion Manor, a 31-unit apartment building at 212 Idris Rd.,for just under $5.6 million. The buyer plans to convert thebuilding, which was built in 1925 and is fully leased, tocondominiums.

While properties on the Main Line trade for well in excess ofthe suburban-area median, "$179,129 a unit is a record for LowerMerion," Spencer Yablon, an associate in the Philadelphia office ofMarcus & Millichap, tells GlobeSt.com. Yablon and colleagueBrad Nathanson were the listing agents for the seller, a local-areafamily partnership that Yablon says, "is divesting its apartmentassets to get into other, less management-intensive realestate."

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Multifamily
Philadelphia