(To read more on the multifamily market, click here.)
WEST CHESTER, PA-Real Estate Capital Advisors Inc., a generalpartner of Manor Crossing LP, has purchased Marshall SquareApartments, a 66-unit multifamily rental asset at 700 E. MarshallSt., for nearly $4.4 million, or $66,212 a unit. Bill Wilson, aprincipal of Real Estate Capital, tells GlobeSt.com he is investingan average of more than $9,000 a unit, or an aggregate of about$600,000, to renovate the complex. "We plan to rename it ManorCrossing."
The property was built in 1970 and was 97% leased at the time ofthe sale. The average rent rate, according to Wilson, is about $850a month. "We're putting in an all-new HVAC system, upgrading commonareas and landscaping, installing new tile and carpeting andrepainting the exterior."
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