Cornerstone in $9.8M deal for West Chester complex
Abdala and Stancato sell Greentree to Della Porta
Cornerstone in $9.8M deal for West Chester complex
Joseph N. DiStefano
Villanova apartment landlord David Della Porta's Cornerstone Communities has paid $9.8 million for the 64-unit Greentree building (including a restaurant and two stores) at High and Gay Streets in downtown West Chester, to developers Victor Abdala and Tony Stancato, best known for bringing Delaware-based Iron Hil Brewery and other retailers to the Chester County borough as the college town moved upscale in the 2000s. Marcus & Milllichap brokers including apartment specialists Mark Thomson and Zachary Pierce, and retail-investment specialists Matthew Gorman and Michael Shover negotiated the sale.
The firm said the $9.8 million price represents a capitailzation ratio of 7, implying monthly rent of nearly $900/apartment. In a statement Della Porta promised "additional improvements" and didn't mention new target rents.
Della Porta started Cornerstone in 1996; he also worked for suburban builder Realen Homes. Cornerstone's other properties include Terrazza at Newtown Square, Cornerstone Terrace in Exton, Cornerstone Villas in Glen Mills, Cornerstone Gateway in West Chester, Cornerstone Rise in Glenmoore. The move into West Chester follows a national trend: less new suburban construction, more renovations in old urban centers and towns.
