Chestnut Hill apartment complex sells for $25M

Published Date: Feb 9, 2015, 1:01pm EST

A New York real estate investment firm has acquired Chestnut Hill Tower, a 228-unit apartment building at 7600 Stenton Ave. in Philadelphia, for $24.5 million, according to property records.

Eagle Rock Advisors, through its UOB Eagle Rock Multifamily Property Fund, bought the complex from two entities affiliated with Premier Properties of Lakewood, N.J., which bought the Chestnut Hill Tower in 2012 for $16.75 million. The 18-story high-rise sits on just over five acres and includes 12 ground-floor retail units.

Eagle Rock Advisors focuses on buying multi family properties in densely populated areas along the northeast corridor, according to its website. A company official couldn’t immediately be reached for comment.

The firm has started to build up a Philadelphia presence. It owns: Bell Elkins Park, a 217-unit community at 1235 Ashbourne Road in Elkins Park, now known as Brookview; Fairmount Terrace, a 162-unit community at 3601 Conshohocken Ave., in Philadelphia, which is now known as West River apartments; and Cherokee, a 129-unit complex at 7715 McCallum St. in Philadelphia.