Sales of multifamily properties continue to be on the upswing as evidenced by two recent transactions.
Castellan Real Estate of New York bought Cloverly Park, a 52-unit property at 445 W. School House Lane in East Falls, for $6.37 million, or $122,596 a unit, from Post Brothers Apartments of Philadelphia. The buyer assumed an unfavorable loan on the property and, but for that, it could have potentially traded for more, said Mark A. Duszak, an investment broker with Rittenhouse Realty Advisors who arranged the transaction.
Cloverly is a four-story property that was constructed in 1929. Post Brothers renovated the entire complex, which his 95 percent occupied. Read Full Story
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