Borough Apartment Complex Sells At $8 Million
POTTSTOWN PA – The former Belmont Apartments complex roughly bordered by North Warren, Mineral, Grace, and Hale streets in the borough, and now known as Arbor Grove, has changed hands at a sales price of $8 million, Montgomery County property records indicate.
The transaction concluded May 30 (2019), county records show, but deeds for the three-parcel 3.75-acre property were not recorded until June 13. The 104-unit apartments, built in 1953, was sold by Belmont Apartments Partners LLC to Arbor Grove Realty LLC, a firm whose address is listed as a post office box in Middlesex NJ.
The complex is located less than two blocks from the Pottstown School District’s Franklin Elementary School. Its units are described by Apartments.com as being “nestled in the North End section of Pottstown, a quaint neighborhood surrounded by beautiful parks and a neighborhood elementary school.” It offers “spacious upgraded 1- and 2-bedroom garden-style apartment homes with professional management and maintenance staff on site,” the website added.
Multi-family properties like apartment buildings enjoyed strong sales during 2018, a Kiplinger 2019 real estate report said, and added it expected the trend to continue this year as buyers secure “assets that are ‘right priced’ to account for rising interest rates.” The reason? “Rising rents paired with high occupancies produced income growth that generally outpaced operating expense increases,” it said.
Sept. 2012 photo from Google Images