09.26.04
AMC DELANCEY SELLS TWO APARTMENT BUILDINGS IN PHILADELPHIA, PA
TEN-YEAR HOLD RESULTS IN INVESTORS RECEIVING HIGH RATE OF RETURN

Contact
Stephanie W. Singer, Beckerman Public Relations
(908) 781-6420, Stephanie@beckermanpr.com

PHILADELPHIA, PA, SEPTEMBER 20, 2004 – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, announced the disposition of two apartment buildings in Philadelphia, Pennsylvania. Sedgley Commons and Pineview, representing a total of 42 apartments and 4 commercial units, were sold after a ten-year hold, allowing AMC Delancey’s investment partners to surpass their original investment objectives. Andrew Kleeman, vice president of asset management at AMC Delancey, served as in-house representative for these transactions.

W.C. Weiss of Equis Commercial Real Estate represented the buyer, an affiliate of Pearl Properties, Inc., in the purchase of Sedgley Commons at 844 North 29th Street and Pineview at 339-349 South 13th Street in Philadelphia.

“AMC Delancey is consistently focused on ensuring our interests are aligned with those of our investors,” said Kenneth P. Balin, president and CEO of AMC Delancey Group. “In the case of these two assets, our long-term hold strategy ensured that we were able to purchase them at competitive numbers in a down market cycle and sell in a very strong sellers market for residential product in Philadelphia.”

As the company continues investing in larger properties with strategic operating partners, smaller properties like this are no longer part of its core strategic portfolio. AMC Delancey’s strategy throughout the holding period included substantial renovations to the properties to increase their rental value and their position in the neighborhoods.

Pineview Apartments is the home of Dirty Frank’s Bar, a Philadelphia institution. The partnership participated in the creation of a beautiful mural from the Mural Arts Program of Famous Franks on the exterior of Dirty Frank’s Bar. Dirty Frank’s is reputed to be the oldest bar in continuous operation in the city, having opened just after prohibition ended. The bar, which has no exterior signage, is often mentioned in periodicals as one of the top sites to visit in the city.

Sedgley Commons, at 95 percent occupancy, is a 24-unit, garden apartment complex that sold for $2.4 million. Pineview, fully occupied, is a 22-unit complex with 18 apartments and 4 commercial spaces that was acquired for $1.45 million. The execution of AMC Delancey’s strategy, the improvements to the properties and the general improvement in the Philadelphia market all combined to help AMC Delancey’s investors to achieve returns for the holding period that were well above market expectations, while still providing a solid economic investment for the buyer.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that delivers superior risk-adjusted financial returns by aligning interests with leading local operating partners and investors throughout the east coast. Headquartered in Philadelphia, Pennsylvania, the Company targets long-term relationships with operating partners from New England to Florida. For more information on AMC Delancey Group, visit www.amcdelancey.com.