GPX Realty Partners LP, Haverford, said it’s paid $15.375 million to ASI Management for 162-unit Fairmount Terrace Apartments, 3601 Conshohocken Ave., Philadelphia.
The new owner plans “internal renovation” to the studio and 1- and 2-bedroom apartments, said GPX Executive Chairman Thomas J. Gravina in a statement. Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented ASI. Release here.
GPX says it's put a total of $120 million from investors into Philadelphia-area properties since Gravina and his colleagues started the company after leaving ATX Communications Inc., a Bala Cynwyd voice service provider acquired by Broadview Networks in 2006 after Gravina guided it through bankruptcy proceedings.
The total includes $60 million GPX invested last year to buy the Woods office properties in Plymouth Meeting and Wayne from owner Bruce Buck.
Gravinia and his partners also run Evolve IP, a voice-over-Internet-protocol-based telecom company. In January, Evolve said it raised $17 million from big-league investors Herbert Lotman of Keystone Foods in Conshohocken, Ira Lubert of Independence Capital Partners in Philadelphia, Peter Peterson of the Blackstone Group in New York, and Michael C. Forman, of FB Capital Partners in Philadelphia, with its managers putting up $1.5 million of the total. Story here.
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