EMPIRE REALTY INVESTMENTS BUYS CHASEMONT APARTMENTS
FROM FAIRFIELD RESIDENTIAL
PHILADELPHIA (Oct. 23, 2007) -- Empire Realty Investments has paid $5.9 million for the Chasemont apartments in Newark, Del. The 30-year-old property has approximately 100 residential units with a rentable building area of approximately 70,000 square feet. It is located at 54 Cheswold Boulevard in Newark.
"Chasemont presented the kind of opportunity we look for in purchasing properties that may be performing below the market but are located in thriving, growing areas. Our strategy is to come into those locations and create long-term value," said Michael Pearlstein, president of Empire Realty Investments. “At Chasemont, we’ll grow value in the upside by marketing the fact that the apartments were completely renovated in 2005. They include new kitchens, bathrooms and balconies as well as beautiful common areas.”
Empire purchased Chasemont from Fairfield Residential, one of the nation’s top multi-family ownership and management companies. R. Eric Mattson, Jr., vice president of GMH Capital Partners in Newtown Square, Pa., arranged the sale.
Empire Realty Investments, Inc., has acquired and managed approximately 2,500 units, 3 million square feet and 500 acres of retail, office, multi-family and residential properties throughout the metropolitan Philadelphia area and in 15 states across the country. For more information about Empire Realty Investments, Inc., call 215-232-5400.