WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of Cornwells Station Apartments, a 119-unit apartment complex in Bensalem, Bucks County, Pennsylvania for $8,550,000.
Kislak marketed the property on an exclusive limited basis. Sales associate Justin Lupo represented the seller and vice presidents Barry Waisbrod and Matt Weilheimer represented the purchaser.
Cornwells Station Apartments was built in 1968 and, prior to Kislak’s engagement, had never been on the market. The property offers one-bedroom and two-bedroom units, all with spacious floor plans, eat-in kitchens, and large walk-in closets. Prior to the sale, select units were upgraded with new kitchens and bathrooms.
“Our marketing of Cornwells Station Apartments provided investors with an opportunity to acquire a highly desirable property in Bucks County,” says Lupo. “Due to continued investor demand for multifamily properties, along with a large value-add component, we were able to achieve a very aggressive price for property.”
“The purchaser saw potential in the property to upgrade it further since it was owned by original developer,” said Waisbrod. “The purchaser intends to invest a significant amount of capital into the property while bringing rents to market on turnovers.”
Cornwells Station Apartments is located directly across the street from the Cornwells Station SEPTA Line. The station is served by the Trenton Line which provides access between Center City Philadelphia and Trenton, N.J. The property also offers easy access to the Delaware Expressway, Pennsylvania Turnpike and Route 1.
Bensalem is a township in Bucks County and borders the northeast section of Philadelphia. As of the 2010 census, it had a population of more than 60,000, making it the largest municipality in Bucks County, and the ninth largest in Pennsylvania.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.