AMC Delancey acquired the 31-unit Awnings complex at 50-56 North Front St. adjacent to Old City here in 1995. It is fully occupied and located in a neighborhood that has undergone significant gentrification since then, which partially accounts for the $119,354-per-unit price tag. The buildings have also been significantly upgraded and well maintained under AMC Delancey's management.

"We purchased this property in a weak market and invested significant dollars to improve it and lease it to 100% occupancy," says Kenneth P. Balin, president and CEO. "This sale capitalizes on our investment objectives by taking advantage of strong market demand for rental conversions in Philadelphia. We anticipate the (unidentified) buyer will convert the property to a condominium form of ownership."

Meanwhile, 72-unit Benton Gardens, approximately 12 miles to the north at 8733-37 Frontenac St., commands $32,638 a unit, also from an unidentified buyer, registered as Benton Gardens 2004 LP. It is a garden-style complex consisting of six adjacent buildings.

There are four 10-unit buildings fronting Benton St. and two 16-unit buildings around the corner on Frontenac St. The complex includes on-site parking and laundry facilities. Ridge MacLaren and Fred Paisley of the Philadelphia office of Marcus & Millichap listed the property and obtained the buyer.