ATLANTIC CITY — A real estate firm headed by a former intern of Bart Blatstein paid $1.44 million for a Virginia Avenue apartment building.
“I think that Atlantic City has a bright future and we want to be part of it,” said Philip Balderston, who heads Philadelphia-based Odin Properties.
The 38-unit “mostly occupied” building at 31 N. Virginia Ave., between Arctic and Atlantic avenues, is undergoing a full renovation, he said.
Balderston wants it fully rented within a year or two.
The building, brick with some neoclassical detail, had a 2015 assessed value of $1.65 million.
Its 2014 assessment was $3.09 million.
A deed transferring the property to Virginia Arms LP, an Odin affiliate, was recorded with the Atlantic County Clerk’s Office last week.
In May, another affiliate, Atlantic Gardens LP, obtained a $4.56 million mortgage on a host of properties on Arctic, North Carolina, South Carolina, Baltic and Tennessee avenues.
Balderston says there’s money to be made here despite Atlantic City’s high property-tax rate, which he called “pretty onerous.”
“You just have to make that part of your analysis,” he said.
Odin bills itself as a specialist in extracting value from “underperforming assets” in Pennsylvania’s Delaware Valley.
Company promotional material says Odin has 2,500 units in its housing portfolio.