Tuesday, May 5, 2015

$32M buys 350 Bucks apartments

Zencorr purchases Aimco's Center Square Towers

$32M buys 350 Bucks apartments

Center Square Towers. (Photo from forrent.com)
Center Square Towers. (Photo from forrent.com)
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Zencorr Properties, the Doylestown partnership owned by Piero Corrado, Christopher Zentgraf and Sandro Corrado, has acquired the 350-apartment Center Square Towers, also in Doylestown, in a deal valued at $31.5 million, according to a statement from SSH Real Estate. Adam Gillespie of SSH's Investment Services Division represented the buyer.

Center Square was previously owned by Aimco. The property changed hands in an arrangement under Section 1031 of the Internal Revenue code, typically used by investors trying to reduce federal income taxes or record them at the lower 15% capital gains rate.

The deal is Zencorr's biggest acquisition to date; the company earlier focused on off-campus college student housing.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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