PHILADELPHIA--Gebroe-Hammer Associates recently orchestrated the $15.375 million trade of Fairmount Terrace Apartments in Philadelphia, Pa., on behalf of the seller, ASI Management.
Joseph Brecher, senior vice president, and Eli Rosen, vice president, were the exclusive sales brokers for the 162-unit garden apartment complex located near Center City.
Located in the Wynnewood Heights section of Philadelphia at 3601 Conshohocken Ave., the Fairmount Terrace garden-apartment complex is comprised of elegant one- and two-bedroom layouts as well as studio options. Each features a patio balcony, wall-to-wall carpeting, a fully equipped modern kitchen and spacious closets.
The gated community's amenities include laundry facilities, a swimming pool, gated on-site parking and picturesque views overlooking Fairmount Park. Offering the convenience of a SEPTA bus line stop in front of the building, Fairmount Terrace is within short walking distance to the City Line Avenue Shopping District. The property is at the crossroads of City Line Avenue, Route 1 and the Schuylkill Expressway and is just minutes from Center City and the Main Line, near St. Joseph's University and Philadelphia College of Osteopathic Medicine.
According to Brecher, the buyer plans to launch a multi-million dollar capital investment to upgrade amenities, common areas and individual units to reposition the property. Current asking rents range from $850 for one-bedroom units to $1,050 for a two-bedroom unit.
Gebroe-Hammer Associates
www.gebroehammer.com
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