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Thursday, 09 August 2018

Goldman Sachs Pays $170Mln for 2 Philadelphia Apartment Properties

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Goldman Sachs Asset Management has paid roughly $170 million, or $207,065/unit, for the Chestnut Hill Village and Blossom Row apartment properties in Philadelphia's Chestnut Hill area.

The investment manager's private real estate unit purchased the properties, which operated as one until last year, from Apartment Investment and Management Co., which said it used proceeds to fund part of its $445 million acquisition of six properties with 1,006 units in the Philadelphia area. Five of those properties, which are being purchased from Dranoff Properties Inc., are in the Center City and University City areas, which Aimco said were more desirable.

Aimco was represented in the sale by HFF, which also arranged permanent financing for Goldman's purchase from TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA.

The properties - Chestnut Hill is at 7715 Crittenden St. and Blossom Row is at 7650 Crittenden - sit on a total of 45 acres across from the Market Square retail center that's anchored by an Acme grocery store. They're also less than a block from a commuter rail station providing access to downtown Philadelphia.

The Chestnut Hill property has 704 units, while Blossom Row has 117. They share a swimming pool and a recently constructed clubhouse with a fitness center. They're 96 percent occupied.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: Goldman Sachs
  • Valuation: More than $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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