At a glance
- The price works out to $157,000 a unit.
- Scully Company sold the property after buying it in 2017 for $14.7 million, according to Multi-Housing News reporting cited by The Real Deal.
- For allocators underwriting income-restricted multifamily, the $157,000 per-unit price is a fresh comparable for mid-rise affordable stock in the region.
Standard Communities, a national affordable housing investor, paid $29.3 million for The Helston, a mid-rise with 186 units in Philadelphia's Wynnefield Heights, The Real Deal reported. The price works out to $157,000 a unit.
Scully Company sold the property after buying it in 2017 for $14.7 million, according to Multi-Housing News reporting cited by The Real Deal. The $29.3 million price is roughly double the 2017 purchase basis.
For allocators underwriting income-restricted multifamily, the $157,000 per-unit price is a fresh comparable for mid-rise affordable stock in the region. The acquisition is Standard Communities' first investment in the Philadelphia metro area, according to The Real Deal. It was set by a national buyer opening a new market rather than adding to an existing local portfolio.
Reported by the Deals desk from The Real Deal and Multi-Housing News (via The Real Deal). Published . Corrections