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[IMGCAP(1)]PHILADELPHIA-GPX Realty Partners LP acquired the 162-unit Fairmount Terrace Apartment complex for $15.4 million. GPX was represented in-house by acquisition specialist Matt Lukof, while the seller, ASI Management, was represented by SVP Joseph Brecher and VP Eli Rosen of Gebroe-Hammer Associates.

GPX plans to invest $2.5 million in the complex to upgrade the exterior and interior common areas, parking lots and mechanical systems. In addition, individual units will have their kitchens and bathrooms renovated.

[IMGCAP(2)]“All the fundamentals for this property are very sound, but given its age, it’s due for modernization,” Joseph Conwell, managing director of GPX tells GlobeSt.com. “It’s in a good market, in a good location, and that’s what we look for.”

The Haverford, PA-based company owns and operates more than one million sf of office and multifamily space. GPX has invested more than $120 million in commercial real estate in the Delaware Valley over the past year.

Located near the Main Line town of Bala Cynwyd, Fairmount Terrace features studio, one-bedroom and two-bedroom garden apartments. The complex at 3601 Conshohocken Ave. is adjacent to Philadelphia’s Fairmount Park, less than two miles from the Bala Train Station and close to major roads into Philadelphia.

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