Philly Fund Pays $71M For Apartment Complex

Law360, New York (August 8, 2012, 5:50 PM EDT) -- Philadelphia-based investment fund Paradise Property LLC has purchased a suburban apartment complex from Korman Residential for $71 million, Cushman & Wakefield Inc., which arranged the transaction, said Tuesday.

Village Square Apartments is a garden-style 694-unit complex in Bensalem, Penn. Korman built the 40-acre property, which opened in 1971. It includes 36 one-bedroom and 258 two-bedroom units in 56 two-story brick-clad buildings. According to Cushman & Wakefield, the complex was more than 90 percent occupied at the time of sale.

"Korman, which originally developed Village Square Apartments...
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