Philadelphia at night Samuel B./

New York–based Goldman Sachs Group has purchased an 821-unit apartment property in northwest Philadephia, The Philadelphia Inquirer's Jacob Adelman reports. Denver-based Aimco was the seller of the rental complex, which sold for $170 million and is located near a SEPTA rail station, a highway, and shopping.

[Goldman Sachs Asset Management] plans to renovate the property with new flooring, kitchen countertops, cabinetry and fixtures, as well as common area improvements, it said.

Chestnut Hill Village is the private real estate fund's 18th apartment property investment. It owns approximately 5,600 apartments across the United States, it said.

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