PHILADELPHIA-Parkway Corp. purchased the American Loft apartment complex in the Northern Liberties neighborhood here. The 11-story complex, with 40 units, was acquired out of foreclosure from Abington Bank.

Parkway's management did not reveal how much it paid for the asset, but the bank bought the development back from Creating Real Estate Innovations for $8.6 million last year after giving the developers just more than $15 million in construction loans, according to the Philadelphia Inquirer.

For Parkway, which specializes mainly in the development and ownership of parking structures and has built condo developments in the past, this is its first apartment-complex acquisition. "We'd like to know how our success goes before we jump in with both feet," Jake Winigrad, a vice president with the firm, tells GlobeSt.com regarding future apartment purchases.

For its part, American loft is not yet occupied, though Winigrad says he hopes to get some tenants in by the 15th of the month. The building, at 717 North American St., stands at 119 feet.

Recent condo developments of Parkway include Pearl in Chinatown and 1706 Rittenhouse Square in that neighborhood. "That was when the condo market was on fire," Winigrad says, though he would not rule out trying to sell American Loft units at a future date.

Parkway currently owns about 100 parking facilities in North America with 30,000 spaces.