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Bristol Twp. Apartment Complex Sold for $21.3 Million

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By

Tom Sofield

It was announced Thursday that the Hidden Forest Apartments off Wistar Road in Bristol Township has been sold.

The Hidden Forest Apartments Credit: Google Maps
The Hidden Forest Apartments
Credit: Google Maps

The complex was sold from TGM Associates to Castellan Real Estate Partners. Castellan bought the 238-unit complex for $21.3 million, according to real estate firm CBRE Philadelphia.

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“This property attracted strong interest from New York investors because of its ideal location near I-95 and the Pennsylvania Turnpike in Bucks County. Investors saw strong rental upside, as the property en-joyed 98% occupancy,” said Robert Miller, executive vice president with CBRE Philadelphia’s Multifamily Team.

Despite being built in 1967, the complex was renovated about 10 years ago. It is described by Miller as being in “excellent condition.”

If you do the math, each apartment is worth about $89,500.

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Robert Miller, John McFadden and Matt Stefanski from CBRE all work on the deal.

The complex was bought by TGM in 2003.

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Tom Sofield

Tom Sofield

Tom Sofield has covered news in Bucks County for 16 years for both newspaper and online publications. Tom’s reporting has appeared locally, nationally, and internationally across several mediums. He is proud to report on news in the county where he lives and to have created a reliable publication that the community deserves.