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.

Contact: 609-272-7239

Copy desk chief / comics blogger

Print Director

Press copy editor since 2006, copy desk chief since 2014. Masters in journalism from Temple University, 2006. My weekly comics blog, Wednesday Morning Quarterback, appears Wednesday mornings at PressofAC.com.

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