Hudson Atlantic: Pennsylvania rental building fetches $6 million, in first trade in 40 years

Jun 11, 2024 | Deals, Residential & Mixed Use

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.”

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.

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