The Airdrie at Paoli Station, a newly constructed apartment complex, has been sold to Sentinel Real Estate, a New York real estate company, for $71 million. Natalie Kostelni unlocked the details for the Philadelphia Business Journal.
The deal that closed at the end of last year adds to Sentinel’s existing multifamily holdings in the Philadelphia area, including Avenel at Montgomery Square in North Wales.
Airdrie was developed in 2020 by a venture involving Linden Lane Capital Partners. It was 95 percent occupied at the time of the sale.
Sentinel usually buys in locations that are close to employment centers and neighborhood retail and that have strong systems and high barriers to new construction.
“Airdrie checked all of the boxes we were looking for,” said Nick Stein, managing director at Sentinel. “It is a difficult place to new construction and a desirable place to live.”
Paoli is also close to the Great Valley Corporate Center, the home of several major employers.
Sentinel plans to continue investing in the Philadelphia region, as it likes the market’s longer-term fundamentals and stability.
“We are a believer in the suburbs nationally but particularly in Philadelphia,” said Stein.
Read more about the sale in the Philadelphia Business Journal.
