Republished from The Philadelphia Business Journal.
Overbrook Farms apartment complex sells for $10.7M
by Natalie Kostelni
Metropolitan at Overbrook, a 128-unit apartment complex that caters to St. Joseph’s University students, has sold for $10.7 million.
The complex at 6358 Lancaster Ave. in the Overbrook Farms neighborhood of Philadelphia was sold by Metropolitan Management Corp. of Narberth, Pa. The property, built in 1927, has 222 beds and was fully occupied at the time of sale.
St. Joe’s has a master lease on the property and four years remain on that contract. The university has had a master lease on it since the 1990s.
The listing got 15 offers and was sold to an undisclosed buyer from North Jersey, said Ken Wellar of Rittenhouse Realty Advisors, who arranged the transaction. It traded for a little more than a 6 percent capitalization rate.