Stradford Arms Apartments at 4015-4021 Blakiston St. in Philadelphia — Courtesy: Gebroe-Hammer
By Joshua Burd
The longtime owner of a 44-unit apartment complex in Philadelphia has sold the asset, in the newest of several recent deals in the city by Gebroe-Hammer Associates.
Eli Rosen, a senior vice president with the Livingston-based brokerage firm, represented both parties in the trade of Stradford Arms Apartments, which sits at 4015-4021 Blakiston St. in city’s historic Holmesburg section. He noted that the seller, also listed as Stradford Arms Apartments, is the family of the property’s original developer and had owned the property since 1962.
The buyer, Stradford Arms Owner LLC, paid an undisclosed price in the deal.
“The well-maintained Stradford Arms reflects pride in ownership and, as a result, is poised for favorable repositioning rooted in a kitchen (and) bath enhancement strategy,” said Rosen, Gebroe-Hammer’s Philadelphia market specialist, adding that Stradford Arms sold at a capitalization rate below 4 percent.
The firm noted that, since January, Rosen has closed five deals in Northeast Philadelphia totaling 500 units for $93.1 million. Combined, the average per-unit sale price has been $186,000, thanks in part to a location that is just 12 miles from Center City but offers a tree-lined suburban lifestyle and quick access to major highways.
Since 2018, Rosen has recorded a total of 24 deals in Northeast Philadelphia comprising more than 2,500 units and more than $323.07 million in transaction value.
“Because of its excellent location in the scenic Pennypack Creek Valley, Northeast Philadelphia as a whole has enduring appeal among the area’s young-professional and executive-caliber tenant cohort,” Rosen said.