MPN Sells 5 Apartment Buildings For $3.65 million

Monday, November 27, 2006

A portfolio of five apartment buildings with 36 units sold for $3.65 million. Each built in the late 19th or early 20th century, the buildings are: 2205 Walnut St., 2213 Walnut St., 126 S. 22nd St., 914 Pine St., and 1331 Pine St. The undisclosed seller sold the properties to New Hope Real Estate, a real estate investment firm from North Jersey, said Ruth Lief Miller, a broker with Mallin Panchelli Nadel, who arranged the sale.

"People who own apartments are having a ball since apartments are doing much better than condos," Lief Miller said.

The new owners intend to renovate the units and hold them for the long term.