$8.7 Million Phoenixville Apartment Complex Sold, Will Get $3 Million Improvement

PHOENIXVILLE, PA -- A Phoenixville apartment complex has been sold for $8.7 million, and will get $3 million in improvements.

Breckenridge Plaza, a 92-unit apartment complex, will be renamed Phoenix View Apartments after it was acquired by Friedman Realty Group.

Owners say that "major" renovations are already underway.

“We are very excited about unlocking the hidden value of this property,” said Brian K. Friedman, President of FRG, in a statement. “Our organization targeted this property for acquisition because it had been allowed to deteriorate for many years and we knew that upon implementing our renovation plan we would be able to take full advantage of its tremendous potential. This property has all the hallmarks of the type of asset we like – a value-add opportunity, solid demographics in a stable and growing area. We intend to make Phoenix View Apartments like a Class-"A" style building with affordable rents.”

Some improvements include new entryways, roof replacement, improved cabinets and dishwashers, quartz countertops, and new bathrooms.

“This is a complete gut job,” said David B. Friedman, CPM, owner and Vice President of FRG. “It‘s going to be an enormous effort to renovate and restore this property, but this is what we do. We convert under-managed garden style apartments into modern, contemporary communities with state-of-the-art amenities that can compete with new construction.”

The apartment complex, built in 1970, is located on the intersection of Nutt Road and Bridge Street.

Image via FRG