Greenzang Properties Purchases 92 Units in University City, Philadelphia
PHILADELPHIA, PA--(Marketwired - April 07, 2015) - Greenzang Properties announced today that it closed on the acquisition of Rosamond Apartments and Chester Arms Apartments in Philadelphia, PA. The 92 unit, 100% occupied, two apartment buildings were acquired for $6,275,000. Greenzang plans to spend $1.5 million to upgrade all of the apartments upon turnover and to re-brand the properties as 4107 Chester Avenue and 4203 Chester Avenue. Financing for the project was arranged by George Johnson, President & CEO of Philadelphia based Rittenhouse Capital Advisors.
4107 Chester Avenue and 4203 Chester Avenue are located in University City, Philadelphia, PA. The apartment buildings are conveniently located near the University of Pennsylvania and The University of the Sciences. After completing this acquisition, Greenzang Properties portfolio consists of 28 properties with 503 units. "We are excited about the acquisition, as it complements and grows our presence in the University City market. The acquisition fits perfectly into our existing portfolio and management," said Michael Greenzang, President and Founder.
About Greenzang Properties
Greenzang Properties was founded in 1994 with an intense focus on providing high quality apartments with great customer service in excellent neighborhoods. Greenzang owns and manages a scattered site portfolio of 5 - 70 unit buildings in Philadelphia, PA. Greenzang's acquisition strategy is to buy, improve and hold. Greenzang increases value by providing amenities typically not found in walk-up buildings such as to your door package delivery, free wireless internet and 24/7 maintenance.
For additional information visit greenzang.com.
Image Available: http://www.marketwire.com/library/MwGo/2015/4/7/11G037719/Images/4107_Chester_Exterior_paint-641801899878.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/4/7/11G037719/Images/4203_Chester_Exterior_2-1242002675335.jpg
