$10M sale: Renovated Chester, Pa. apartments triple in value since 2012
Balderston's Hillside Manor sold to NJ group
A group of North Jersey investors, calling themselves PF Hillside Manor LP, have agreed to pay $10.15 million for the 216-apartment Hillside Manor Apartments complex at 1120 Ward St. in Chester.
That's triple the $3.4 million that partners Philip Balderston, Tristan Silk and Justin Pesin paid for the complex in March, 2012, when it was more than 60 percent vacant. The group says it spent "multimillions" renovating Hillside and marketing it to new tenants. Still, the sale price more than covered the purchase, upgrades and marketing, so it was time to "monetize the asset" and collect "superior returns," Balderston said in a statement.
Balderston's group owns a total of 2,000 apartments in Philadelphia, Delaware and Bucks Counties and South Jersey, and is looking to spend up to $20 million this year buying more, he says. Recent acquisitions include apartments at 401 E. Gibbsboro Rd., Lindenwold, and 7200 Marion Ave., Levittown.