8B — September 30 - October 13, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
119 units trade in Bensalem for first time in 48 years Kislak sells Cornwells Station Apartments in Bucks County, PA for $8.55 million B
ensalem, PA — The Kislak Com- pany, Inc. announced the recent sale of Cornwells Station Apartments, a 119- unit apartment complex in Bensalem, Bucks County, PA for $8.55 million. Kislak marketed the prop- erty on a limited basis. Sales associate Justin Lupo rep- resented the seller and vice presidents Barry Waisbrod and Matt Weilheimer repre- sented the purchaser. Cornwells Station Apart- ments was built in 1968 and, prior to Kislak’s engagement,
Justin Lupo
Matt Weilheimer
Barry Waisbrod
had never been on the market. “Our marketing of Corn- wells Station Apartments provided investors with an op- portunity 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 compo- nent, we were able to achieve a very aggressive price for property.” “The purchaser saw poten- tial 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 Apart- ments is located directly across the street from the Cornwells Station SEPTA Line. The sta- tion is served by the Trenton Line which provides access between Center City Philadel- phia and Trenton, NJ. Bensalem is a township in Bucks County borders the northeast section of Philadel- phia. n New Day Under- writing Managers names Giquinto as sr. account manager Hamilton, NJ — New Day Underwriting Manag- ers LLC has named Cara Giquinto as a senior account manager in the Real Estate Group. She will work directly with New Day’s broad national client base to identify envi- ronmental risk management strategies designed to provide ongoing protection from pollu- tion and construction-related professional liability risks. “Cara is a highly motivated insurance professional with extensive client services and sales experience,” said John Heft , senior VP and director of New Day’s Real Estate Prac- tice. “Her dedication to results and thorough knowledge of the industry and the underlying issues represent the ideal back- ground needed to diligently service our clients and continue our growth in this market. We welcome her expertise and abil- ity to deliver solutions that best serve the customer.” n
Cornwells Station Apartments
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