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PHILADELPHIA-Jeffrey Reinhold, CEO of locally based HistoricLandmarks for Living, has formed JA Reinhold Residential, designedspecifically to turn multifamily rental properties into for-salecondominiums. The new company acquired five buildings here in July2006 from partners in Landmarks for Living for an aggregate of $88million. Two of the properties are now being renovated forconversion.

Locust Point, a 110-unit building at 2429 Locust St. in theFitler Square neighborhood, and the Lofts at Logan View, a 108-unitproperty at 1666 Callowhill St. in the Logan Square neighborhood,are being redeveloped. Locust Point is a historically certifiedbuilding, which Reinhold says was acquired for $20 million. He isinvesting $9 million in upgrades that include a renewed façade,renovated lobby and common areas and all new windows, kitchens andbaths.