The former Station Square Apartment Homes complex is at Church Road and Wissahickon Avenue
A major apartment complex in Upper Gwynedd Township, on the borderline with Lansdale Borough and Station Square Shops, has changed hands in one of the Philadelphia region’s largest multifamily deals of the year.
The 346-unit Pennbrook Station Apartments -- formerly Station Square Apartment Homes -- sold for $92.2 million in a transaction that closed in November, according to county property records and Philadelphia Business Journal.
The buyer was an affiliate of Teachers Insurance and Annuity Association (TIAA) and its real estate subsidiary Nuveen, which acquired the 22-acre property from a unit of New York Life Real Estate Investors, according to PBJ.
The sale price equates to just over $266,000 per unit, notably higher than the Greater Philadelphia third-quarter average of nearly $222,000 per unit, though still about 14% less than the property’s $107.1 million sale price in 2022, according to the report
Located off Church Road and steps from the SEPTA Pennbrook Regional Rail station, the complex includes 25 buildings with a mix of one-, two-, and three-bedroom units, many with garages.
The 20-year-old property was 95% occupied as of July, with average monthly rents of $2,237, according to PBJ. Amenities include a clubhouse, pool, fitness center, and dog park, and the site had been marketed as a value-add opportunity following roughly $6 million in upgrades since 2022.
The Pennbrook Station site also carries historic significance, as it, and the nearby Lansdale land, was formerly home to Philco-Ford and Lansdale Semiconductor before being redeveloped into residential and commercial space. The latter was founded in 1964 when Edward Pincus purchased Philco-Ford's Germanium small-signal transistor line, according to its website. In 1976, Lansdale Semiconductor acquired Motorola's Germanium power transistor line and moved from Lansdale to Arizona.
For full transaction details and market analysis, read more at the Philadelphia Business Journal.
