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Beaver Canyon Properties Sell for $102 Million

by and on October 24, 2019 9:50 AM

Five apartment building properties in the 200 and 300 block of Beaver Avenue and on Garner Street, in the area long referred to as Beaver Canyon, were sold for $102 million on Oct. 18.

Documents from the Centre County Recorder of Deeds Office show Alexander Court, 309 E. Beaver Ave.; Beaver Hill, 340 E. Beaver Ave.; Cedarbrook, 320 E. Beaver Ave; and Garner Court, 228 S. Garner St., were sold by A.W. & Sons Enterprise, LP to Core State College Beaver, LLC for a cash consideration of $94 million, according to the realty transfer tax statement of value.

Separate deed documents show The Diplomat at 329 E. Beaver Ave. was sold by Helex Enterprises to Core State College Beaver, LLC for a cash consideration of $8 million, according to a realty transfer tax statement of value.

Core State College Beaver, LLC’s address is listed as 1643 N. Milwaukee Ave., fifth floor, Chicago. The address is the same as Core Spaces, a company that is “focused on acquiring, developing and managing the best real estate in educational markets,” according to the company website.

Core Spaces Senior Vice President of Marketing Dominick Luciano said the company was “naturally drawn” to the State College area and the “five buildings were very well maintained by the previous owner, who developed them over the past several decades. Over the next couple of years, we plan on refreshing many aspects of the buildings and modernizing the apartments.”

The five properties were managed by A.W. & Sons. The Gazette attempted to contact A.W. & Sons through its rental office, but phone messages were not returned.

Alexander Court is a six-story apartment building that was built in 1983 and has 52 two-bedroom and 14 one-bedroom units.

Cedarbrook is also a six-story apartment building. It was built in 1972 and has 28 efficiency units, 76 one-bedroom units and 38 two-bedroom units.

Beaver Hill is another six-story apartment building that was built in 1972. It has two efficiency units, 211 one-bedroom units and four two-bedroom units.

The four-story Garner Court apartment building was built in 1973 with nine efficiency units, nine two-bedroom units and six three-bedroom units.

The Diplomat rises five stories. It was built in 1997 with one retail store located on the ground floor and 24 two-bedroom units.



This story was produced by the staff at the Centre County Gazette. It was re-published with permission. The Centre County Gazette is a weekly publication, available at many locations around Centre County every Thursday morning.


Vincent Corso is writer for Town&Gown and the Centre County Gazette.
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