Rose Valley Capital secures $74 million for Philadelphia purchase
Capital of the Rose Valleyaffiliate Hampshire Properties, secured $73.6 million in financing for the acquisition of Mansion at Bala, a 276-unit community in Philadelphia. According to Yardi Matrix data, the seller was Winter investments.
Natixis Corporate and Investment Bank provided the five-year variable rate loan. Funding was secured by Managing Director Robert Lipson and Trustees TJ Piper and Jeremy Lynch with Berkadia Commercial mortgage.
A multi-family asset near Saint-Joseph University
Bala Mansion, built in 2010 on 6.8 acres, features one-, two-, and three-bedroom apartments, averaging 1,059 square feet. All units have washers and dryers. Communal facilities include a swimming pool, fitness center, clubhouse, business center and 340 parking spaces.
Located at 4700 City Ave., the property is 6 miles from downtown Philadelphia and adjacent to the Lincoln Expressway. Saint Joseph University is within walking distance. Residents have access to a golf course, as well as attractions and recreation venues in the Fairmount Park area. Dining and retail options are available nearby along City Avenue. Philadelphia International Airport is 10 miles away.
According to a recent Yardi Matrix report, the Philadelphia multifamily continues to show stable fundamentals. Year-to-date through June, 36 assets traded at an average per unit of nearly $200,000, according to the same data provider. While the speed of transactions has remained constant, prices have increased: at the same time last year, the average price per unit was only $145,485.