Regions Midatlantic
Aug 22, 2008
Boston-based Berkshire Income Realty Inc. will get its hands on the Executive House Apartments in Philadelphia now that it has entered into agreements to purchase the property in a transaction valued at a total of $50 million. The multifamily REIT will plunk down approximately $19.3 million in cash for 100 percent of the partnership interests of Executive House Associates, owner of the 302-unit apartment tower, and will assume existing mortgage debt of nearly $30.7 million. Located at 6100 City Ave., Executive House was developed in 1984 and renovated in 2005.
Boston-based Berkshire Income Realty Inc. will get its hands on the Executive House Apartments in Philadelphia now that it has entered into agreements to purchase the property in a transaction valued at a total of $50 million. The multifamily REIT will plunk down approximately $19.3 million in cash for 100 percent of the partnership interests of Executive House Associates, owner of the 302-unit apartment tower, and will assume existing mortgage debt of nearly $30.7 million. Located at 6100 City Ave., Executive House was developed in 1984 and renovated in 2005.
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