UPPER DARBY TWP., PA — The Kislak Company, Inc. announced the recent sale of Laurel Manor, a 310-unit apartment complex, located in Secane, a community in Upper Darby Township, for an undisclosed price. Kislak marketed the property on an exclusive basis with senior vice president Matt Weilheimer handling the assignment and procuring the purchaser, with advisement from East Hill Realty.
The property was constructed in the early 1960s and the offering provided a value-add opportunity to increase rents by completing interior and exterior upgrades.
“Laurel Manor is a special property given its accessibility to mass transit,” said Weilheimer. “It is only a 25-minute train ride to 30th Street Station in Philadelphia. Given that and the value-add opportunity that the property offered, we received more than 15 bids during our marketing of the property from a variety of interested parties with aggressive terms. The purchaser will begin a renovation of the exterior and interior of the property and anticipates holding Laurel Manor long term.”