Cushman & Wakefield Inc. has orchestrated the $71 million sale of Village Square Apartments, a garden-style 694-unit complex in Bensalem, Pa.
Karen Iman, Brian Whitmer, Andrew Merin, Marybeth Farris and Nick Karali of the firm’s CapitalGroup (CMG) represented the agent for the seller, Korman Residential, and procured the buyer, Paradise Property LLC.
According to a statement from Iman, the offering attracted “more than 120 expressions of interest from across the country.”
“The fact that this offering attracted more than 120 expressions of interest is a clear sign of the demand that’s out there for apartment assets, not only in metro Philadelphia, but also the larger Washington, D.C. to New York corridor,” Merin said in a statement. “But metro Philadelphia in particular has emerged as a market for multifamily investors. In the early 2000s, only a handful of communities were being sold in this market per year. Since 2010, with an influx of new buyers and capital targeting Philadelphia assets, we’re seeing a more heated and liquidsales market with a dozen or more communities being sold per year.”
“With that influx, pricing has become increasingly aggressive, and class-B communities with a vintage similar to Village Square have been trading near a 6 percent yield,” he added.