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Blatstein disciple buys A.C. apartment building for $1.44 million

Blatstein disciple buys A.C. apartment building for $1.44 million


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

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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

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