36,000 square foot multifamily
The Parkside Apartments in Northeast Philadelphia is a 4-story multifamily property in the city’s Northwood neighborhood. In an advisory role, Llenrock Group assisted Philadelphia-based brokerage firm LLA Realty, which represented the seller. Built in 1963, the property features studio, one-bedroom, and two-bedroom apartments overlooking a city park. Thanks to its 100% occupancy and waiting list, as well as below-market rents at the time of sale, the property presented strong potential as a value-add investment. The property was sold at a cap rate of approximately 9%.
Speaking of his role in this transaction, Llenrock Group’s founding partner, Andrew Benioff, said, “Llenrock was pleased to assist in selling this little gem in the Frankford area of Philadelphia. Though the property had been significantly renovated and was fully occupied, there was still plenty of opportunity to add value to this asset, which attracted the attention of numerous potential buyers.”