PHILADELPHIA-Philadelphia Management Co. has sold the Pepper Building, a 185-unit apartment building at 1830 Lombard St. in Philadelphia, to a pension fund adviser. The property was sold for approximately $50 million.
Philadelphia Management bought the Pepper Building from the University of Pennsylvania Graduate School of Medicine and converted the property into apartments. The building was 98.4% occupied at closing. The deal was arranged by CB Richard Ellis. For the full story, go to Philadelphia Business Journal .
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