Fort Washington-based Westrum Development has sold a 205-unit Phoenixville apartment building to Jenkintown’s Lindy Communities for $48.2 million, writes Paul Schwedelson for the Philadelphia Business Journal.
Westrum constructed the four-story apartment community three years ago, operating it as Luxor Phoenixville, part of its Luxor collection of suburban apartment buildings. The new owner has since renamed the 185,566-square-foot property as The Diamond at Phoenixville.
The sale price works out to be over $235,000 per unit, which translates to almost $260 per square foot.
Monthly rent at the building located at 723 Wheatland Street starts at $1,690 for studios, $1,655 for one-bedroom apartments, and $2,575 for two-bedroom units. The Diamond at Phoenixville also features an infinity-edge swimming pool and a sundeck, fitness center, dog park, grilling station, as well as a lounge.
Lindy Communities is run by the fourth generation of the Lindy family, who are also the namesakes of Drexel University’s Lindy Center for Civic Engagement and the Lindy Institute for Urban Innovation. The family has been involved in property management for more than nine decades.
The deal represents one of the largest multifamily transactions of the past year in the Philadelphia region.
Read more about the Phoenixville apartment building sale in the Philadelphia Business Journal.
______
