Yardley Crossing has traded hands and sold for more than
an estimated $33 million. The exact price could not be confirmed.
The 196-unit apartment property at 1800 Kathy Drive in
Yardley, Pa., was bought by Relative Properties, a firm formed by Devin
Aronstam, who had been with Lubert-Adler Partners of Philadelphia, and Paul
Aschkenasy of Blank Aschkenasy Properties of West Conshohocken, Pa. Aronstam is
Aschkenasy's brother-in-law hence the name of their firm "Relative
Properties."
The complex fronts the Delaware River and sits on 23.68
acres. Most of the units are attached townhouses with just a dozen that are
one-bedroom flats. The property was constructed in 1979, making it a value-add
play, and was 95 percent occupied at the time of sale. Fairfield Residential of
San Diego, Calif., was the seller.
Zac Pierce, Mark Thomson and Jose Cruz of HFF represented
the seller in the transaction.
Source: Philadelphia
Business Journal
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