Philadelphia Apartment Complex Trades for $51M
Catch HFF, the NJ Economic Development Authority, Colliers, Hartz Mountain, Investors Bank and more at RealShare NEW JERSEY on September 16. New venue: The Hilton Meadowlands.
PHILADELPHIA-Post Brothers Apartments has acquired a 1,030-unit apartment complex called The Presidential City Apartments in Philadelphia for $51 million in an off-market transaction. An undisclosed real estate investment firm based in Brooklyn, New York, was the seller of the multifamily property situated on City Avenue. As part of the deal, the seller will retain the ground lease as the site has meaningful redevelopment potential.
Gebroe-Hammer Associates handled the sale. Monthly rents in Presidential City range from $1835 for a three-bedroom to $765 for a studio apartment. For the full story, go to Philadelphia Business Journal .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
Outstanding speakers from NorthMarq, Freddie Mac, Walker & Dunlop and much more plus 2,000 attendees are coming to RealShare APARTMENTS in Los Angeles on October 21-22. Reserve your spot today.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.