July 24, 2021

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PGIM Real Estate Sells Philadelphia-Area Community – Multi-Housing News

The Royal AthenaPGIM Exact Property has purchased The Royal Athena, A class A group Inside the Phila.......

The Royal Athena

PGIM Exact Property has purchased The Royal Athena, A class A group Inside the Philadelphia submarket of Bala Cynwyd, Pa. Associates of Harbor Group Worldwide has acquired the 275-unit waterfront property, Inside the newly remannequined Pencoyd Touchdown, for $59.5 million.

Pencoyd Touchdown is house to A mannequin new $30 million, 11-acre redevelopment enterprise Which will quickly function a public plaza, café, restaurant with terrace and entry to bike trails.

Located at 600 Righters Ferry Road, The Royal Athena provides one- and two-bed room flats. Residences function loft layouts, island kitchens, stroll-in closets, hardwood flooring and in-unit washers and dryers. A media center with a Film show is Amongst The numerous widespread-space amenities. 

Distinctive setting

Inconstructed 2016, The Royal Athena is a six-story, metallic-physique, elevator-served property constructed on almost 7 acres.

The metropolis was shaped by merging two communities named after villages in Wales, Bala and Cynwyd. Located Quarter-hour from Philadelphia’s City Center, The Royal Athena is useful to SEPTA’s Wissahickon regional practice station, that consists of service to City Center.

Interstate 76 and Route 1 are Decrease than 1 mile distant. In A press launch, HCI famous in a ready assertion that the property is situated in a Philadelphia submarket with more and more strong employment drivers As properly as to entry to universities and nightlife. The close by Cynwyd Heritage Path is a 2-mile multi-use trail Utilized by strollers, bikers and, Inside the winter, cross-nation skiers.

The transaction was facilitated by Newmark gross sales supplier Erin Miller, and debt was organized by way of managing directors Henry Stimler, Ari Schwarbad and Invoice Weber. 

Earlier this week, Harbor Group purchased a 700-unit group in Pembroke Pines, Fla., for $222.7 million, marking the metro’s largest recorded multifamily sale this yr.