Philadelphia Apartment Complex Trades for $51M
Join us at the Convene in NYC, where we will be covering the entire national net lease, sales leaseback and 1031 exchange market across the property type. RealShare Net Lease attracts over 400 commercial real estate professionals across the sector at RealShare NET LEASE on April 1.
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.
Multifamily Leader delivers in-depth examinations of the market conditions and trends shaping the apartments and condo industry. Register for the alert now!
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.