Chestnut Hill Village in Philadelphia changes hands for $170m
Chestnut Hill Village, a multifamily property located within Philadelphia’s Chestnut Hill submarket sold for $170m. The 821 unit property was acquired by Goldman Sachs Asset Management Private Real Estate. Common area amenities include a theater, swimming pool with sundeck, 22 laundry facilities, package lockers along with parking for 1,650 vehicles.
The buyer plans to upgrade the apartment interiors including new flooring, cabinets, countertops and fixtures. Common areas will also be updated. The purchase marks the company’s 18th investment, bringing its total portfolio to 5,600 units. Holliday Fenoglio Fowler arranged a 10-year, fixed-rate acquisition loan through TH Real Estate to complete the purchase.
“We believe that the property’s location will be attractive to tenants because it provides access to both retail amenities and public transportation. We also believe this asset’s differentiated physical attributes and a diverse unit mix will cater to a variety of renters in the market,” said Joseph Gorin, co-head of GSAM PRE.