Philly apartments go for $15M

GPX Realty Partners L.P. today announced it has acquired Fairmount Terrace Apartments in Philadelphia, Pa., for nearly $15.4 million.

The 162-unit, garden-style complex, sold by ASI Management, is located at 3601 Conshohocken Ave. Featuring studios and one- and two-bedroom units, the property also includes laundry facilities, a swimming pool, and gated on-site parking.

GPX, a suburban Philadelphia-based private real estate investment and advisory firm, plans to make a multimillion-dollar capital investment into the complex to upgrade exterior and interior common areas, complex amenities and individual units, according to a press statement.

***

What's your opinion? Leave your comments below or send a letter to the editor.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.