Silverstone Management LLC Acquires Germantown Multifamily For $11M

Located in Germantown, Philadelphia, the multifamily property at 600 & 557 E Church Lane has recently been sold. The transaction, facilitated by Jonathan Massaro of SCOPE, involved a total of 105 units. The property spans across 90,647 square feet and was purchased by Silverstone Management LLC from the seller, Ironstone, for a price of $11,000,000. The sale price exceeded the initial asking price of $10,850,000, indicating a strong demand for the property. With an average price per unit (PPU) of $104,762 and a price per square foot (PPSF) of $121, this transaction represents a significant investment in the thriving multifamily market of Germantown, Philadelphia.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,000,000
• Units: 105
• Price Per Unit (PPU): $104,762
• Total Square Footage: 90,647
• Price Per Square Foot (PPSF): $121
• Buyer: Silverstone Management LLC
• Seller: Ironstone
• Broker: Jonathan Massaro - SCOPE

In this transaction, Jonathan Massaro of SCOPE played a crucial role as the broker, representing both the buyer, Silverstone Management LLC, and the seller, Ironstone. The facilities were traded over the list price, indicating the effectiveness of Massaro's representation. This successful sale showcases the strong demand and investment opportunities present in the Germantown, Philadelphia multifamily market.