Friedman Realty Group, Inc. Acquires Phoenixville’s Breckenridge Plaza Apartments for $8.7 Million
92-Unit Garden Style Apartment Complex to Receive $3 million in Improvements with a New Name Beginning spring 2017; Heralds in a New Era of Upscale Living at an Affordable Price
Phoenixville, PA, March 22, 2017 – Breckenridge Plaza, a 92-unit garden apartment community comprised of 48 two-bedroom apartments, 40 one-bedroom apartments 
and 4 studio apartments located on Nutt Road in the Borough of Phoenixville, PA, has been acquired by an affiliate of Friedman Realty Group, Inc. (FRG), a real estate investment and management company specializing in the revitalization of apartment communities, shopping centers and office buildings.
The transaction closed Tuesday, March 7, 2017 and major renovations are already underway which its new owners say will make it one of the area’s most sought-after residences. FRG is repositioning the property with a new name – “Phoenix View Apartments” – and also plans to capitalize on the economic revitalization initiative that has attracted a number of large developers for multifamily, Class-“A” properties in and around Phoenixville.
“We are very excited about unlocking the hidden value of this property,” says Brian K. Friedman, President of FRG. “Our organization targeted this property for acquisition because it had been allowed to deteriorate for many years and we knew that upon implementing our renovation plan we would be able to take full advantage of its tremendous potential. This property has all the hallmarks of the type of asset we like – a value-add opportunity, solid demographics in a stable and growing area. We intend to make Phoenix View Apartments like a Class-“A” style building with affordable rents.”
Exterior improvements, which began immediately, include new building entryways and common area designs, gable roof siding replacement, apartment deck and balcony replacements, decorative window shutters plus updated lighting, landscaping and signage. “The repositioning of the exterior amenities, including the former in-ground pool, is just another fresh start for Phoenix View Apartments,” says Friedman. The apartments will also benefit from new energy efficient windows and sliding glass doors.
Apartment interiors will receive new plank hardwood flooring throughout the living and dining areas with new carpeting in bedrooms, new kitchens with updated cabinetry, stainless steel appliances (including built-in dishwashers and microwaves), quartz countertops and subway tile backsplashes. Additionally, the kitchen layouts will be re-designed from their current footprint to provide for a more open and modern look. Bathrooms will be gutted and everything will be replaced, such as new floor and wall tile with upgraded vanities, light fixtures and plumbing fixtures. All apartments will also include individual stackable washers and dryers within the unit.
The property’s prior ownership had not invested any capital for major or minor renovations and upgrades, with the exception of adding newer roofs and parking lots, all of which were required by the Borough of Phoenixville to address previous multiple code violations. Inside the units, everything from the HVAC systems to kitchen cabinets and appliances to the bathrooms were original and in poor condition. With a deteriorated look, inside and out, the property’s marketability stagnated and suffered, with vacancies rising to 42 percent at the time FRG purchased the property.
“This is a complete gut job,” says David B. Friedman, CPM, owner and Vice President of FRG. “It‘s going to be an enormous effort to renovate and restore this property, but this is what we do. We convert under-managed garden style apartments into modern, contemporary communities with state-of-the-art amenities that can compete with new construction.”
Built circa 1970, the property consists of five two-and-a-half-story brick on block buildings with pitched roofs constructed on a three-acre parcel. The property sits atop of a hill at the busy intersection of Nutt Road and Bridge Street and is within one-half mile from downtown Phoenixville and the township’s Borough Hall.
“Phoenix View Apartments is in a great location and we believe with our extensive experience successfully renovating scores of similar apartment communities throughout the Philadelphia area, we will make this property one of the most sought after garden apartment properties in Phoenixville,” said David Friedman.
Located in Phoenixville, PA, recognized as one of the 10 Hottest Suburban Philadelphia Towns, Phoenix View Apartments is strategically situated close to major highways such as Route 422, I-76 and provides convenient commuter access to Pennsylvania routes. Within 10 miles is the King of Prussia Mall, one of the largest retail shopping centers in the country, as well as major regional employers such as The Vanguard Group, GlaxoSmithKline, Pfizer, Dow Chemical Company, Lockheed Martin and more.
FRG, with its affiliates, owns and manages 36 properties in the Philadelphia and South Jersey markets and has successfully completed approximately 150 real estate deals during its 40-year history.
About Friedman Realty Group, Inc.
Friedman Realty Group, Inc. is a family-owned and operated professional real estate investment firm accredited by the Institute of Real Estate Management of the NATIONAL ASSOCIATION OF REALTORS®. Since 1975, Friedman Realty Group, Inc. has restructured, repositioned, and managed more than 150 investment properties located in New Jersey and Pennsylvania. The company is also targeting New York, Maryland and Washington D.C. for expansion, with apartments ranging from 100 units to 500 units in desirable communities. For more information, visit www.frginc.com.
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