Kislak inks $6.55m sale of Croyden Station Apartments
BRISTOL, PA — The Kislak Company, Inc. announced the recent sale Croyden Station Apartments, a 92-unit apartment complex in Bristol, Pennsylvania, for $6.55 million. The sale marked the first time the property had been on the market since it was built in 1968.
Kislak marketed the property on an exclusive basis. Sales associate Justin Lupo and vice president Barry Waisbrod represented both parties in the transaction.
“Justin and Barry did an incredible job bringing this property to market in a competitive environment and quickly procuring a purchaser.” said Robert Holland, president. “I commend them on their well-earned success.”
“The sale of Croydon Station Apartments provided an opportunity to acquire a highly desirable asset in Bucks County,” said Lupo. “The transaction reflects the continued strong demand among investors for apartments, even as interest rates began to rise. Given the strength of the market, we obtained an aggressive price for the property, which was approximately 95% occupied at closing.”
“The purchaser was eager to acquire such a strong property from a long term owner,” said Waisbrod. All units at Croyden Station offer spacious floor plans, eat-in kitchens, and very large walk-in closets. Prior to the sale, the owner had upgraded select units with new kitchens and bathrooms. New hot water heaters were also installed throughout the property.
The property is located along Bristol Pike (U.S. 13) directly across from the Croydon Station SEPTA Line. The station is served by the Trenton Line, which provides access to and from Philadelphia; Trenton, NJ; and NJ Transit to New York City. The property also offers easy access to the Delaware Expressway and Pennsylvania Turnpike.
Justin Lupo joined Kislak in 2014 and was the recipient of the company’s 2015 Rookie of the Year award. Barry Waisbrod joined Kislak in 2001, is consistently among the company’s leading salespeople and was the recipient of the company’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.