EMPIRE REALTY INVESTMENTS
CREATES VALUE WITH AGGRESSIVE STRATEGIES, TOTAL ACCESS
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PHILADELPHIA (Oct. 8, 2007) -- Empire Realty Investments has paid $9.6 million for the Executive House apartments in Lansdale, Pa. The 41-year-old property has 100 residential units with a rentable building area of 70,317 square feet. It is located at 150 Oakland Avenue in Lansdale, Pa.
"This property is an excellent complement to the Empire portfolio of residential, office and commercial holdings," said Michael Pearlstein, president of Empire Realty Investments. "It presents the kind of opportunity we look for in purchasing properties that may be performing below the market but are located in thriving, growing markets. That's where we can come in and create long-term value," he said.
Empire purchased Executive House from Home Properties, Inc., the country's fifth largest apartment REIT. Joseph Verdejo, senior director of Cushman & Wakefield’s Capital Markets Group in Philadelphia 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.