Wright Multifamily buys Cynwyd Membership for $10M
PIKE CREEK – Wright Multifamily, a real estate investment, management and development firm located in Springfield, Pa., recently acquired the Cynwyd Club Apartments complex for about $10 million.
The 132-unit complex was sold in November by Hockessin-based Delaware Valley Development Company (DVDC), which bought the property nearly 20 years to the day earlier for about $6.5 million, according to county land records.
In 2002, DVDC undertook a substantial rehabilitation of the affordable housing community that at the time was the largest tax-credit-assisted project ever completed in the state in terms of development expense. That project cost nearly $6 million and was completed in just over a year.
Wright Multifamily already owns five communities in Delaware, including River Club in Claymont, Kirkwood Crossing in Wilmington, Greenlawn and Middletown Manor apartments in Middletown, and Seachase in Greenwood. It also owns and manages communities in Pennsylvania and New Jersey.
Wright has invested in prior low-income housing tax credit communities and has converted a prior subsidized housing complexes into market-rate communities. It operates both conventional market-rate and affordable-income communities
Several requests for comment to DVDC and Wright Multifamily regarding the sale and future plans for the complex were not returned.
The Cynwyd Club sale is the second large trade for the multifamily market in New Castle County in recent months after a New Jersey-based investor acquired the newly-built The Garrison community in the town of New Castle for about $30 million. The multi-family market has generally not seen as many sales during the pandemic as other commercial real estate sectors, like distribution and manufacturing.
By Jacob Owens