(To read more on the multifamily market, click here.)

PHILADELPHIA-Jeffrey Reinhold, CEO of locally based Historic Landmarks for Living, has formed JA Reinhold Residential, designed specifically to turn multifamily rental properties into for-sale condominiums. The new company acquired five buildings here in July 2006 from partners in Landmarks for Living for an aggregate of $88 million. Two of the properties are now being renovated for conversion.

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

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