CBRE Arranges $24.8 Million Sale of The Helston in Philadelphia

CBRE has arranged the sale of The Helston, a 186-unit multifamily property in Philadelphia. Standard Communities purchased the property from Scully Company for $24.8 million, marking the company’s entry into the Philadelphia multifamily market.

CBRE’s Adrian Sam, Spencer Yablon, Peter DiLullo, Brad Megay, Alan Krawitz and Nick Murray represented the seller in the transaction. CBRE’s Nick Harris, Jake Helmig, Steven Doherty and Joanne Williams of CBRE Capital Markets’ Debt and Structured Finance team in Philadelphia secured the financing on behalf of the buyer.

“Navigating today's capital markets requires a more thoughtful approach than standard marketing alone,” said Sam. “By leaning into the resources of the CBRE Investment Properties platform, our team worked closely with our client to steer through market volatility and achieve a successful result. Finding and securing a first-time buyer for this Philadelphia MSA asset highlights the ongoing strength of the local market and our ability to connect with new capital to reach a successful close.”

The Helston is located at 3801 Conshohocken Ave. in Philadelphia's Wynnefield Heights neighborhood along the City Avenue corridor, providing convenient access to several employment centers, including Center City, University City, Conshohocken and the Main Line. Built in 1970, the eight-story property offers a mix of studio, one- and two-bedroom floor plans averaging 750 square feet.

“The successful disposition of the Helston aligns with our ongoing strategic portfolio management and next phase of growth,” said John Schonborn, Managing Director of Investments at Scully Company. “We appreciate CBRE’s expertise and partnership in navigating a complex market and wish success to the new ownership team.”

“Older vintage high-rises have become increasingly more challenging to operate, and therefore, the buyer pool is both smaller and more cautious,” said Yablon. “This transaction proves that if the asset is well cared for by a conscientious landlord, buyers will still be interested. We commend both buyer and seller for their commitment to seeing this transaction through during a period of intense market volatility.”

The property has undergone more than $3.9 million in renovations over the past three years, including extensive interior improvements and building system upgrades. Community and unit amenities include stainless steel appliances, granite countertops, balconies or patios in select units, a modern fitness center, garage and covered parking, on-site laundry facilities and full-time concierge services.