Premier Properties has disposed of a 156-unit apartment community in Philadelphia’s Mount Airy neighborhood for $12.7 million. The complex, Lennox Apartments, is located at 232-242 West Walnut Lane near the Southeastern Pennsylvania Transportation Authority Tulpehocken station. The three-building, four-story community was originally built in 1928 and partially renovated through 2015. Holliday Fenoglio Fowler marketed and sold the property on behalf of Premier Properties and found the buyer, a private New York-based investment group. HFF also worked on the buyer’s behalf to place a five-year, fixed-rate acquisition loan with a regional bank.
“Buyers from New York and New Jersey continue to actively pursue well-located, value-add product in the Philadelphia area,” added Mark Thomson, senior managing director. HFF.
