GREA, is pleased to announce the sale of The Vault, a newly-constructed 59-unit property located at 5801 Ridge Avenue in the Manayunk/Roxborough section of Philadelphia. The property sold for over $325,00 per unit to a New York-based buyer in a 1031 exchange.
The Vault, developed by Stamm Development Group of Philadelphia, was designed with a mix of studio, one-, and two-bedroom units all completed with high-end finishes. The apartments sit above 4,300 square feet of street level commercial/retail space.
The property offers secure, covered, off-street parking along with easy access to I-76 and multiple train and bus lines. It is well located for residents to enjoy numerous neighborhood amenities including a vibrant restaurant and cafe culture as well as local boutiques and shops.
Ken Wellar, founding partner at GREA, noted: “Even with market fluctuations we were still able to get top pricing for Stamm Development, who put out a quality product in a great location. We are seeing 1031 buyers chasing quality assets.”
The Vault, situated on the border of Roxborough and Manayunk, is strategically located just a short walk to Manayunk’s Main Street. This sale demonstrates the strong buyer demand for high-quality neighborhoods within the City of Philadelphia even with today’s more volatile lending environment,” added Mark Duszak, director at GREA.
Michael Stamm, CEO of Stamm Development, stated: “The Vault is one of many multi-family projects we have ongoing in Northwest Philadelphia. Although we aren’t typically sellers, GREA did a tremendous job making a market for the property duringa tough economic environment at a great price. We are really pleased with the outcome and look forward to future business together.”