PGIM Real Estate sold The Royal Athena, a Class A community on the Philadelphia submarket in Bala Sinwid, PA. Affiliates Harbor Group International acquired 275 beachfront apartments in the recently renamed Pencoyd Landing for $ 59.5 million.
Pencoyd Landing is home to a new $ 30 million 11-acre renovation project that will soon include a public plaza, café, terrace restaurant and access to bike paths.
Royal Athena Hotel is located at 600 Righters Ferry Road. It offers one and two bedroom apartments. Residences feature lofts, island kitchens, walk-in closets, parquet floors, washers and dryers. Common facilities include a media center with a cinema.
The Royal Athena Hotel, completed in 2016, is a six-story steel-framed building with an elevator, built on nearly 7 acres.
The city was formed by the amalgamation of two communities named after villages in Wales, Bala and Sinwid. The Royal Athena Hotel is located 15 minutes from downtown Philadelphia, close to SEPTA Wissahickon Regional Rail Station, which provides links to the city center.
Interstate 76 and Highway 1 are less than 1 mile away. In a statement, HCI noted in a prepared statement that the property is located in the Philadelphia submarket with ever-growing employment factors as well as access to universities and nightclubs. The nearby Sinwid Heritage Trail is a 2 km multi-purpose trail used by pedestrians, bikers and cross-country skiers in winter.
The deal was facilitated by Newmark trading broker Erin Miller, and lending was arranged through managing directors Henry Stimler, Ari Schwarbad and Bill Weber.
Earlier this week, the Harbor Group sold a 700-unit apartment complex in Pembroke Pines, Florida for $ 222.7 million, marking the construction of the subway. largest registered sale of apartment buildings this year.