Philadelphia Apartment Complex Trades for $51M
Create awareness, drive traffic and generate leads with an online listing in GlobeSt.com's Preferred Resources directory. Add your company today.
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.
Be sure to visit GlobeSt.com's NEW Sectors-to-Watch page for in-depth looks on the Hotels, Industrial, Multifamily, Office, Retail, Student Housing, Net Lease and Healthcare Real Estate markets.
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.