James Buscemi and Frank Warady, members of M&M's national multihousing group here, are marketing the portfolio. Buscemi tells GlobeSt.com the portfolio is 97% occupied. Rental rates vary from $525 a month for a studio to $950 a month for two-bedroom units and there are just four three-bedroom units that rent for approximately $1,200 a month.

"There is significant upside rental income throughout the portfolio," Buscemi says. Each of the properties is considered well maintained with excellent on-site management, he says, and major capital improvements have recently been completed on approximately 60% of the portfolio.

The properties range from totally renovated 19th century Victorian mansions along Spruce Street to relatively modern facilities, and vary in size from a single duplex to a 55-unit building. All are within three quarters of a mile of each other inside the 2.2-sm University City community, which puts them within striking distance of the University of Pennsylvania, Drexel University and the University of the Sciences.

Because of the buildings' various sizes and location near not only the universities, but also healthcare, research, cultural and commercial centers, Buscemi says the offerings provide healthy investment diversity and that several offer prime opportunities for condo conversions. The portfolio is being marketed only as a package, and he says, "several offers are already on the table."

Mark Sherman founded his company here 12 years ago and began to acquire and refurbish these buildings. The company is selling this portfolio to turn its attention to a similar revitalization of the East Falls neighborhood, which is currently under way.