Janwood Apartments, Downington, PA

March 23, 2017 Comments Off on 130 Units Sell in Chester County, PA Views: 369 National News, Northeast, Pennsylvania

130 Units Sell in Chester County, PA

Rittenhouse Realty Advisors negotiated the sale of two multifamily properties in separate transactions, totaling 130 units. The assets, located in Chester County, PA, sold for a total of $12.7 million by undisclosed buyers.

The 92-unit Breckenridge Plaza at 495 Nutt Rd. in Phoenixville, PA sold to Friedman Realty Group of Gibbsboro, NJ. The 57%-occupied complex delivered in 1971, and provided a value-add opportunity to the buyer. “Rarely do true value-add opportunities become available in Chester County, said RRA’s Corey Lonberger. “When they do, the interest level is very high.”

The 38-unit Janwood Apartments, at 499 W. Lancaster Ave. in Downington, PA, sold to an undisclosed buyer. The asset was 100% at closing, and sold for 98% of the list price.

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