Bucks apartment complex sold for $21.3M

A photo from Hidden Forest Apartments in Fairless Hills, Bucks County. (Photo from Google+)

TGM Associates on Thursday said it sold the 238-unit Hidden Forest Apartments in Fairless Hills, Bucks County, for $21.3 million, or $89,496 per unit, to Castellan Holdings.

TGM Associates are New York real estate investors, as is Castellan Holdings.

"It was a 10-year hold for TGM," said John McFadden with CBRE real estate brokerage. TGM Associates was represented by McFadden, Robert Miller and Matt Stefanski of CBRE's Multifamily Division in Wayne.

TGM sold to New York-based Castellan Holdings, run by brothers John and Paul Salib.

"This property attracted strong interest from New York investors because of its ideal location near I-95 and the Pennsylvania Turnpike in Bucks County. Investors saw strong rental upside, as the property enjoyed 98 percent occupancy," said Miller.

TGM still owns TGM Halstead Apartments, at 812 Goshen Road in West Chester, and TGM Polo Run Apartments, 100 Polo Run Drive in Yardley.

Castellan's owners, the Salib brothers, earlier this year settled with New York State Division of Housing and had to compensate Spanish-speaking tenants it improperly forced to vacate its rent-stabilized apartments.

Castellan owns 49 buildings in New York.

- Erin Arvedlund