Philadelphia Apartment Complex Trades for $51M
Read the region's most important commercial news with GlobeSt.com's New Jersey AM Alert. Follow the latest transactions, industry activities and read interviews that keep you informed with the news you need. Sign Up Today!Is networking important to you?
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.
Is networking important to you? Join RealShare Conferences to hear from prominent speakers and meet the commercial real estate elite. Check out the schedule of events!
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.