Goldman Sachs Asset Management PRE acquires an 821-unit multifamily property in Philadelphia
PHILADELPHIA, PA — Goldman Sachs Asset Management Private Real Estate (GSAM PRE) has acquired Chestnut Hill Village, an 821-unit multifamily property located in the Chestnut Hill submarket of the Philadelphia Metropolitan Statistical Area (“Philadelphia MSA”). The Property offers convenient access to retail amenities and public transportation with the Chestnut Hill SEPTA train station located immediately adjacent to the Property, which provides direct access into downtown Philadelphia. The Property also provides highway access via I-76, I-476, Route 309 and the Pennsylvania Tpke. to the major employment nodes across the broader Philadelphia MSA. GSAM PRE plans to improve the Property through a unit renovation program that will include new flooring, kitchen countertops, cabinetry and fixtures. GSAM PRE also plans to make common area improvements throughout the Property. “We believe that the property’s location will be attractive to tenants because it provides access to both retail amenities and public transportation. We also believe this asset’s differentiated physical attributes and a diverse unit mix will cater to a variety of renters in the market,” said Joseph Gorin, co-head of GSAM PRE.