LANSDALE, PA—Lowe Enterprises Investors, in a joint venture with First Capital Advisors, has acquired the Silk Factory Lofts, a 116-unit luxury apartment community located at 200 S. Line Street in Lansdale, PA, just outside of Philadelphia. The class A loft-style property was built in 1922 as the Interstate Hosiery Mill and registered as a national historic building shortly before being renovated for multifamily use in 2008.
“Lansdale is a thriving Philadelphia submarket that is home to a number of major pharmaceutical companies. The area has a limited supply of multifamily properties with no new properties currently being developed,” says Brad Howe, co-CEO of LEI. “At Silk Factory Lofts we will continue physical improvements to the property while improving operations and enhancing service.”
The 99-percent occupied property features a mix of one, two and three-bedroom units with open floorplans, high ceilings, large windows allowing lots of natural light, and modern finishes. Significant renovations completed in 2008 included improvements to HVAC systems as well roofs, elevators, windows and plumbing. Amenities at the property include a fitness center, community room and landscaped courtyards. LEI and FCA will upgrade unit finishes and complete improvements to common areas.
“The Silk Factory Lofts feature architectural character and desirable open floor plans in an area that primarily offers garden style apartment properties. It is one of the few historic properties in the area that has been converted to multifamily use,” says Andy Sands, managing director of LEI and head of the firm's multifamily activities.
The Silk Factory Lofts are within easy walking distance of Main Street with its restaurants, shops and grocers and two train stations, and offer easy access to the region's major arteries including the Pennsylvania Turnpike, US Routes 202 and 309, and Interstate 476, making the area an attractive option for not only for those who work locally but also those who work in neighboring areas.
Greystar has been retained to manage the Silk Factory Lofts. Jones Lang LaSalle represented the seller, an affiliate of Morgan Properties. John Gaghan led the investment team for Lowe Enterprises Investors.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
