Garrett House Apartments at 3420 Garrett Road in Drexel Hill, Pennsylvania — Courtesy: Hudson Atlantic Realty
By Joshua Burd
The longtime owner of a 57-unit apartment building in southeast Pennsylvania has sold the property for $6 million, in a newly announced deal by Hudson Atlantic Realty.
According to a news release, the transaction in the Drexel Hill section of Upper Darby marks the first trade of the asset in 40 years. Hudson Atlantic’s Adam Zweibel represented the seller in the deal at 3420 Garrett Road, noting that the price equates to more than $105,000 per unit and a capitalization rate of 5.75 percent.
“We are thrilled to have had the opportunity to represent Garrett House Apartments in this landmark sale,” said Zweibel, the firm’s founder and managing partner. “This property holds a special place in the history of Drexel Hill.”
