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.