|
|
|
|
|
|
|
|
Classified Chestnut Hill Local Webmaster Don't Miss an Issue, Tell us what you see or ©2006 Chestnut Hill Local Winner of One |
Hill House bid offers due in August
The Hill House Apartment Complex, 201 W. Evergreen Ave., could be sold as early as the end of this year, according to Spencer Yablon of Marcus and Millichap, the national real estate investment broker representing the complex’s owner. Hill House residents are concerned about the possibility of the complex being transformed into condominiums, which Yablon said is a possibility, though all current leases at the Hill House Apartments will be honored with the change in ownership. The timeline for the property’s sale is wide open, said Yablon, but he estimated it would be settled by the end of 2006 or early 2007. Bid offers for the 187-apartment complex, which was placed on the real estate market in June, are due by Aug. 23. According to Yablon, there has been a lot of local and national interest in the property, and he has toured the property with 15 interested parties, though he said more have inquired about it. Yablon said those who have toured the property are a “pretty decent mix” of those interested turning it into condominiums and others who would keep it an apartment complex. The winning bid will not necessarily be the highest bidder, Yablon said. The buyer will be judged on by its track record, price offered and terms of the offer, such as the closeout timeline and initial deposit. Current owner and property manager, Paul Weinberg, who lives in Santa Fe, N.M., and Paris, France, hired Yablon as the main contact for the sale. Spencer Yablon can be reached at 267-940-9147. Contact staff writer Kristin Pazulski at 215-248-8819 or Kristin@ChestnuthillLocal.com. |
