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Goldman Sachs Asset Management buys Philadelphia rental portfolio for $170M

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Goldman Sachs Asset Management buys Philadelphia rental portfolio for $170M

Goldman Sachs Asset Management Private Real Estate acquired a two-property apartment portfolio in Philadelphia's Chestnut Hill submarket, according to Holliday Fenoglio Fowler LP, which represented the seller.

The Chestnut Hill Village and Blossom Row properties were bifurcated in 2017 and were acquired free and clear of existing financing, Holliday Fenoglio Fowler said. Chestnut Hill Village has 704 units in 23 buildings and Blossom Row has 117 townhomes. The portfolio, featuring a number of amenities, is 96% leased.

The 821-apartment portfolio was sold by Apartment Investment and Management Co., or Aimco, for $170 million, The Philadelphia Inquirer reported Aug. 8, citing an email from Aimco spokeswoman Cindy Lempke. According to the publication, the buyer plans to renovate the asset.

Aimco plans to use the proceeds from the sale to fund its acquisition of four properties in Philadelphia's Center City and University City that are being sold by developer Carl Dranoff, the publication added, citing Lempke.