Philadelphia-based real estate investor Loonstyn Properties has purchased a six-building, 41-unit University City apartment portfolio for $5 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The buildings, just north of Drexel University’s campus, consists entirely of one bedroom and one bathroom apartments.
The acquisition also includes 21 parking spots.
Loonstyn plans to renovate the units and improve technology throughout the buildings with smart access and increased internet connection as leases turn over and expire.
“Demand in University City right now for both value-add and stabilized apartment buildings is very strong considering today’s environment and interest rates,” said MPN Realty principal Nadia Bilynsky, who represented the seller in the off-market deal.
Loonstyn owns about 300 apartments throughout the region, most of which located in Powelton Village, along with Fairmount and the Philadelphia Art Museum area.
Read more about Loonsytn Properties’ new purchase of several University City apartments and what it plans to do with them in the Philadelphia Business Journal.
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