Friedman Realty Group of Gibbsboro, N.J., has acquired the 92-unit Breckenridge Plaza apartment complex in Phoenixville, with plans to spend $3 million on renovations at the property.
The real estate investment firm paid $8.7 million in March for the five-building complex on three acres at the corner of Nutt Road and Bridge Street, it said in an email.
Apartment interiors at the Chester County complex, which had fallen into disrepair, will receive new hardwood flooring and carpets, new kitchens with stainless-steel appliances, and other upgrades, Friedman said. Exterior improvements include new building entryways and common-area designs, it added.
The complex was 42 percent vacant when it was acquired, according to the release.