Source: Hillside Manor Apartments / #Apartments #Multifamily
PHILADELPHIA, PA - A limited partnership led by Philadelphia-based real estate investor Philip Balderston announced that it has sold The Hillside Manor Apartments at 1120 Ward Street in Chester, Pennsylvania for $10.15 million.
The 216 unit garden-style apartment complex spread over 8 acres in a self-contained community was acquired in March, 2012 for $3.4 million at less than 40% occupancy. After a multimillion dollar renovation led by partner Tristan Sylk, complete rebranding effort, and leasing to approximately 95% managed by partner Justin Pesin, Balderston commented "although we have a strong acquisition and long-term hold bias, it was time to monetize the asset and the sale produced superior returns on equity for our investors."
All of the units at the complex are two bedroom apartments, each featuring four walk-in closets, modern bathrooms, and newly renovated kitchens. The apartment homes provide independent apartment living with separate entrances and private yards, as well as private driveways for each unit.
Partnerships led by Balderston currently own and manage a portfolio of 2,000 apartments located in Philadelphia, Bucks County, Delaware County and South Jersey, and are active acquirers. Recent purchases include 401 E. Gibbsboro Rd in Lindenwold, New Jersey and 7200 Marion Avenue in Levittown, Pennsylvania, totaling 791 units. Balderston says he plans to close an additional $20 million in acquisition deals before the end of 2014.