TGM Associates Snags $36.5 Million for Rental Community in West Chester
- Feb 15, 2015
By Veronica Grecu, Associate Editor
A rental apartment and townhome community sitting on more than 11 acres in West Chester, Pa., recently changed hands.
According to a press release announcing the sale, HFF marketed the property on behalf of TGM Associates, a New York-based investment advisory firm focused on multifamily properties. Narberth, Pa.-based Metropolitan Management Corporation purchased the property, which is located at 812 Goshen Road near Routes 202 and 322 and the West Chester Pike, just minutes away from downtown West Chester. The Philadelphia Business Journal reports that the apartment asset sold for $36.5 million.
Completed in 1976, Halstead is a garden- and townhome-style community consisting of 198 apartments ranging from 770 square feet to 1,200 square feet in a mix of one-, two- and three-bedroom units across six, two-story buildings. The list of amenities includes a fitness center and concierge services. Monthly rents at Halstead vary from $1,090 for a one-bedroom to $1,620 for a three-bedroom unit.
“Halstead represents the opportunity to continue a proven renovation strategy in one of Philadelphia’s most highly-acclaimed suburban submarkets,” said in a prepared statement Mark Thomson, who was part of the HFF sales team representing TGM Associates. “Investors continue to target West Chester due to strong rental growth, low vacancy, high household income, and the increasing number of jobs throughout the area,” he added.
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