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 . News Hub is your link to relevant real estate and business stories from other local, regional and national publications.