The Philadelphia Business Journal reported on Thursday (July 1) that “An affiliate of Harbor Group International (HGI) paid $59.9 million for Royal Athena, a 275-unit apartment complex in Bala Cynwyd.
The seller of the property was an affiliate of Prudential Insurance and the occupancy was 92% at the time of the sale.”
Access to Pencoyd Bridge
The most distinguishing feature of the Royal Athena Apartments is its proximity to the Pencoyd Bridge, which connects Pencoyd Landing to Main Street in Manayunk. The bridge is adjacent to the Landing Kitchen restaurant and the new Marriott Residence Inn. The distance from the Royal Athena to Septa’s Wissahickon Stop on the Manayunk/Norristown line is only .5 miles.
Harbor Group International
According to its website, the Norfolk, Virginia based HGI “owns and manages 284 assets worldwide, 48,000 multifamily units, and 4.3 million square feet of commercial real estate with an aggregate gross asset value in excess of $13.5 billion (as of the end of Q1 2021).”
Multifamilybiz.com reported that HGI president, T. Richard Litton, Jr. said that, “Royal Athena is located in a strong Philadelphia submarket with healthy demographics and increasingly strong job drivers. This strategic acquisition directly aligns with HGI’s pursuit of luxury apartment communities that are attractive to residents.”
HGI owns also owns a property in West Chester, PA
Royal Athena is the second multifamily residence that HGI has acquired in this region. They also own Golf Club Apartments in West Chester.