PCCP Joint Venture Acquires 173-Unit MF Property in Pennsylvania
A joint venture of PCCP and Alliance Residential Company has acquired Luxor Bala Cynwyd, a 173-unit, multifamily community with 8,200 square feet of ground-floor retail space.
The property is located at 9 Presidential Boulevard in Bala Cynwyd, Pennsylvania, approximately six miles west of Center City via I-76 which is less than a mile away. The property was built in 2021 by the seller, Westrum, a local developer. The five-story mixed-use community is situated on 2.74 acres and is currently 89% leased. The residential units are arranged in studio, one-bedroom, one-bedroom plus den, and two-bedroom.
“PCCP is pleased to partner with Alliance Residential on this transaction that was acquired off-market and below replacement cost,” said Lia Barsanti, Senior Vice President with PCCP. “We believe this Class A, newer-vintage property is well-positioned within the affluent Main Line submarket, which benefits from strong multifamily occupancy and convenient access to Center City Philadelphia and key suburban employment hubs.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout