Rose Valley Capital, an affiliate of 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 Winther Investments.
Natixis Corporate & Investment Banking provided the five-year, floating-rate loan. The financing was secured by Managing Director Robert Lipson and Directors TJ Piper and Jeremy Lynch with Berkadia Commercial Mortgage.
A multifamily asset near Saint Joseph’s University
Mansion at Bala, built in 2010 across 6.8 acres, comprises one-, two-, and three-bedroom apartments, averaging 1,059 square feet. All units feature washers and dryers. Common-area amenities include a swimming pool, a fitness center, a clubhouse, a business center and 340 parking spaces.
Located at 4700 City Ave., the property is 6 miles from downtown Philadelphia and is situated next to the Lincoln Highway. Saint Joseph’s University is within walking distance. Residents have access to a golf course, as well as landmarks and leisure spots in the Fairmount Park area. Dining and retail options are available in the surrounding area, along City Avenue. Philadelphia International Airport is 10 miles away.
According to a recent Yardi Matrix report, Philadelphia multifamily continues to display steady fundamentals. Year-to-date through June, 36 assets traded at a per-unit average of nearly $200,000, the same data provider shows. While deal velocity remained consistent, prices rose: During the same time last year, the average price per unit was just $145,485.