Goldman Sachs fund pays $170M for Chestnut Hill Village rental complex in northwest Philly

The Chestnut Hill Village rental complex in northwest Philadelphia has been acquired by a private investment unit of New York's Goldman Sachs Group.

The 821-apartment property sold on July 27 for $170 million, a spokeswoman for seller Apartment Investment & Management Co., or Aimco, of Denver said in an email Tuesday.

Goldman Sachs Asset Management Private Real Estate said in a release this week that it acquired the rental complex because of its highway access and its proximity to shopping and to SEPTA's Chestnut Hill Regional Rail station.

The unit plans to renovate the property with new flooring, kitchen countertops, cabinetry and fixtures, as well as common area improvements, it said.

Chestnut Hill Village is the private real estate fund's 18th apartment property investment. It owns approximately 5,600 apartments across the United States, it said.

The fund's other holdings in the Philadelphia area include the Radnor Court office building in Wayne, a warehouse in Phoenixville, and light industrial buildings in Malvern and Langhorne.

Aimco plans to use proceeds from the Chestnut Hill Village sale to fund its purchase of four properties in Center City and University City that it is acquiring from Philadelphia developer Carl Dranoff, Aimco spokeswoman Cindy Lempke said.