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Silk Factory Lofts in Lansdale, Pa.
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Lowe Enterprises Investors has acquired the Silk Factory
Lofts, a 116-unit apartment complex in Lansdale, Pa.
The Los Angeles company bought the property at 200 Line
St. in a joint venture with First Capital Advisors, a real estate investment
firm from Wheaton, Ill. An affiliate of Morgan Properties of King of Prussia,
Pa., was the seller. Terms of the transaction weren’t disclosed. JLL
represented the seller.
This is the second Philadelphia-area acquisition for
Lowe. In 2013, it bought the Granary, a newly constructed apartment building in
Philadelphia. In 2014, it bought Christina Mill, an apartment complex in
Newark, Del.
In 2008, a developer spent about $14 million converting
what had originally been the Interstate Hosiery Mill in Lansdale into loft
apartments. The building was constructed in 1922 and listed on National
Historic Register.
The property fell into foreclosure and Morgan Properties
picked up the property at a sheriff sale in 2012, according to published reports.
The complex was 99 percent occupied at the time Lowe and
First Capital closed on the sale. The partnership plans to invest in upgrades
to the units and common areas.
In other Morgan Properties news, the company and DRA
Advisors, its financial partner, bought Colony at Kenilworth, a 383-unit
apartment complex in Towson, Md. The acquisition is the third the joint venture
has made in the Washington corridor as it expands in that area. It has
accumulated a portfolio of 27 multifamily properties totaling 11,000 units.
Jones Lang LaSalle represented the seller in the Colony transaction. The sale
price wasn't disclosed.
Source: Philadelphia
Business Journal
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