X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

DREXEL HILL, PA-Eagle Garden Associates has put Tall Trees Village, a 180-unit rental complex at 4410 Township Line Rd., up for sale. The asking price is $10.8 million, which represents $60,000 a unit.

Eagle Garden is a locally based partnership consisting of several families, and it has owned the asset for 25 years. In the process of estate planning, the younger members of the partnership want to dispose of this property in order to reallocate funds for expansion of the partnership’s portfolio, according to Mark Wolff, a senior associate in the Philadelphia office of Marcus & Millichap. Wolff is marketing the property.

It was built in the 1940s and has been upgraded with new roofs and HVAC systems. It consists of 14 three-story buildings on a 6.6-acre parcel bordering an upscale Drexel Hill neighborhood within eight miles of Center City Philadelphia.

There are 103 one-bedroom units, 75 two-bedroom layouts and two three-bedroom plans, ranging in size from 900 sf to 1,500 sf. Wolff says current average rents are $795 a month for a one-bedroom, $895 for a two-bedroom and $975 for the largest units. “This is a densely populated, stable rental market with an occupancy rate of 95%,” he says. “Given its size and location, Tall Trees provides a buyer immediate scale here with great upside potential.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.