Another Northwest Philadelphia apartment building is on
the market, a move that allows the landlord to seize on buyer's recent interest
in other nearby residential properties.
Located at 45 E. Cliveden St. in Mount Airy, the 40-unit
Cliveden is being marketed by Caleb Brown of Greysteel, a commerical real
estate service firm.
The building is a mix of efficiencies, one- and
two-bedroom units – and about half of those have undergone renovation, he told
the Philadelphia Business Journal.
“Cliveden Apartments represents a unique, value-add
opportunity in one of the fastest developing markets in Philadelphia,” Brown
said in a news release.
He's referring to the recent sale of Alden Park, situated
a short distance away at 5500 Wissahickon Ave. LC3 Capital Properties of New
York acquired the three building, 757-unit complex for a reported $59 million.
Post Brothers' recent $52 million investment into
Rittenhouse Hill, which sits around the corner from Alden Park, has helped
elevate the market in that Philadelphia area.
Public records show Wexford Property Management bought
Cliveden for about $2 million in fall of 2013.
Source: Philadelphia
Business Journal
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