by Will McQuillan
Chestnut Hill Village Apartments and Blossom Row, a 45-acre complex consisting of 704 apartment units and 117 two-story rowhomes, was purchased by Goldman Sachs Asset Management Private Real Estate for $170 million, it was announced Wednesday. The sale was completed on July 27.
Denver-based Apartment Investment and Management Co. (Aimco) previously purchased the property in 2011. It will use the funds generated by the sale in its $445 million acquisition of five area buildings from Dranoff Properties Inc., as it shifts its holdings from Northwest Philadelphia closer to Center City. The proposed deal would include 665 apartments in University City, Graduate Hospital, and Fitler Square.
In a press release, Goldman Sachs said it bought Chestnut Hill Village because of its location, which provides easy access to highways and public transportation. The property is adjacent to SEPTA’s Wyndmoor Station, which sits on the Chestnut Hill East train line, and is a short walk from SEPTA bus routes L and 77. It surrounds the Market Square shopping center, which includes an ACME Markets grocery store.
The firm also said in its release that it would be embarking on a capital improvement plan to upgrade apartment interiors, including new flooring, cabinet, countertops and other appliances and fixtures.
GSAM PRE is a relatively new arm of the investment giants. They’ve purchased both industrial office space and residential properties across the country in the last year.
As a whole the property is currently 96 percent occupied, according to a press release from Holliday Fenoglio Fowler, Aimco’s real estate broker. Goldman Sachs will renovate Chestnut Hill Village’s common areas and kitchens. It currently owns buildings in Wayne, Phoenixville, Malvern, and Langhorne.
Will McQuilan is an intern with the Chestnut Hill