Royal Athena, a 275-unit apartment complex in Bala Cynwyd, has been acquired by an affiliate of Harbor Group International for $59.9 million, writes Natalie Kostelni for the Philadelphia Business Journal.
Harbor Group International of New York decided to purchase the 600 Righters Mill Road property because it is in a “strong Philadelphia submarket with healthy demographics and increasingly strong job drivers,” said the company.
The complex is positioned next to Manayunk and visible from the Schuylkill Expressway.
The apartment complex had 92 percent occupancy at the time of the sale. The seller was an affiliate of Prudential Insurance.
O’Neill Properties Group in partnership with Prudential developed the property. It is one of several new apartment complexes in the submarket.
Other recent projects include a 173-unit complex at 9 Presidential Blvd developed by Westrum Development and a 285-unit complex at 335 Righters Ferry Road completed by Nolen Properties.
With the sales of suburban multifamily properties delayed during the pandemic, the acquisition of Royal Athena could represent a revival of apartment transactions.
Last year’s notable sales included Londonbury, a 309-unit complex in Conshohocken, that sold for $72.5 million, and Hanover King of Prussia, which traded for $119 million.
Read more about the sale in the Philadelphia Business Journal.