Philadelphia, December 1, 2021 – Scope Commercial Real Estate Services, LLC (“SCOPE”) announced today that it has closed the sale of Church Lane and Penn Lee Court Apartments, a 105-unit multifamily portfolio located in the East Germantown neighborhood of Philadelphia. The property sold for $11,000,000, equating to $104,762 per unit.
SCOPE marketed the property on behalf of the Seller, a Philadelphia-based investor, and represented the Buyer, a New Jersey-based investor. Director, Jonathan Massaro led the transaction on behalf of SCOPE and the respective deal party.
“A combination of the low-interest rate transactional state of the market and the value-add potential of this well-located portfolio allowed us to facilitate a number of offers on behalf of our client,” adds Massaro.
Penn Lee Court Apartments, located at 557 E Church Lane, is a 64-unit apartment facility that is a mixture of affordable and market-rate units. The property features a common area laundry facility and on-site parking. The unit mix of Penn Lee is comprised of studios and one-bedroom, one-bathroom apartments.
Church Lane Court Apartments is located across the street from Penn Lee at 600 E Church Lane. Similarly, Church Lane is a mixture of affordable and market-rate units with on-site laundry facilities and off-street parking for tenants. The 41-unit building contains one, two, and three-bedroom units.
Both properties are less than a half-mile from La Salle University, situated within the historic area of East Germantown. Residents are drawn to the suburban feel of the neighborhood paired with the walkability and access to transportation.
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SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal-making experience ensures maximum return on investment.