Mount Airy Apartment Complex Sells For $12.7M
Lennox Apartments, a three-building multifamily complex in the Mount Airy neighborhood of Philadelphia, has been sold for $12.7M.
The four-story buildings total 156 units—a mix of studios and one- and two-bedroom apartments—and is 94% leased. Premier Properties sold the property, and a 1031 exchange private buyer out of New York City purchased it without any existing debt. The sale was brokered by HFF, which also helped finance a five-year, fixed-rate acquisition loan for the buyer.
Situated at 232-242 Walnut Lane, Lennox Apartments is the third property in the area for which HFF has brokered a sale in the past few years, according to HFF's Carl Fiebig.