Philly apartments go for $15M

Local investment company makes purchase

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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. ...