by Kevin Dicciani
Ownership of the Chestnut Hill Tower apartments, 7600 Stenton Ave., has changed hands yet again.
The 242-unit apartment building was recently purchased by Eagle Rock Advisors, a New York real estate investment firm, for $24.5 million. The firm, through its UOB Eagle Rock Multifamily Property Fund, bought the property from two affiliates of Premier Properties, which in 2012 purchased the 18-story high-rise for $16.75 million.
In business since 2004, Eagle Rock Advisors owns and manages multi-family units in various locations along the Northeastern corridor of the United States, mainly from Boston to Washington, D.C. According to its website, the firm makes investments in densely populated suburban housing communities, with a primary focus on residential and garden apartments.
Within the past two years, Eagle Rock Advisors has made its foray into Philadelphia real estate. In December 2013, the firm acquired the 129-unit Cherokee Apartments, also located in Chestnut Hill; in August 2014, it bought the 162-unit Fairmount Terrace Apartments, now known as West River Apartments; and in October 2014, it purchased the 217-unit Bell Elkins Park, now known as Brookview Apartments.
There are no additional details to report at this time about renovations or future plans for the Chestnut Hill Tower. Eagle Rock Advisors could not be reached for comment.