PMC Acquires Stolker Family's Historic Nine-Building MF Portfolio in Center City for $28M

PHILADELPHIA, PA—PMC Property Group has acquired a historic nine-building multifamily portfolio in Center City Philadelphia, PA, from the Leonard Stolker family for $28 million. The buyer was identified by Real Capital Analytics, a proprietary research database that tracks  commercial real estate  transactions.

An NAI Mertz team of John Adderly, executive vice president-managing director, Fred Meyer, SIOR, executive vice president-director of brokerage and corporate services, and Roy Kardon, SIOR, vice president, represented the Stolker Family in this complex real estate transaction.

Consisting of 100 apartment units, one commercial unit, and four dedicated parking spaces, these unique properties are located at 1329 Lombard Street; 415-417 S. 10^th Street; 1634-36-38 Lombard Street; and 1825, 1912 and 2011 Spruce Street. The prime locations of these buildings around and within the Rittenhouse Square, Washington Square West and Avenue of the Arts submarkets, as well as their stunning and atheistically pleasing features, brought more than 75 property tours and generated more than 20 offers on the portfolio.

In the early 1960s, Leonard Stolker, a Philadelphia real estate broker, began assembling this portfolio by purchasing small apartment buildings throughout the city. He purchased the American Baptist Publication Society building, a historical landmark built in 1895 at Juniper and Lombard Streets, and renovated it. Throughout the 1990s, Stolker continued to purchase historic brownstones and buildings with character, as defined by their architectural distinctions, to complete the portfolio that was offered as part of this investment sale.

After Stolker’s passing, his family assumed operational control of the assets and made significant capital improvements to the buildings, in excess of $3.5 million. Last year, the family decided to sell the portfolio in its entirety, or as individual sales, and called upon the NAI Mertz team to exclusively represent and market the buildings.

“We are honored to have represented the ownership in the process of selling these generational assets,” says Adderly. “The interest in the portfolio was strong, which is a testament to the ownership, the properties, and the strength of the overall Philadelphia market. We received strong interest from buyers across the country for this portfolio.”

The NAI Mertz team worked closely with the ownership throughout the sales process. They provided services including creating marketing materials, underwriting of the portfolio, active involvement in solicitating bids; analyzing offer and counteroffers; contract negotiation; due diligence; and closing and post-closing matters.

“The Stolker Family portfolio was exposed to thousands of investors nationwide through our company database, as well as our in-depth, comprehensive online and print marketing campaigns,” Meyer says. “We received over one hundred signed confidentiality agreements—some for the entire portfolio of properties and some for portions of the portfolio—from investors throughout the country.”

“This was an extremely exciting assignment, and it was an honor to represent the Stolkers in exclusively marketing these properties that have been a part of the family since the 1960s,” Kardon says.

“John and the whole team at NAI Mertz did an amazing job with this assignment,” says Rob Stolker. “They handled so many complicated aspects of this sale with true expertise and professionalism. Their communication and diligence clearly separated them from other brokerage teams and got this deal done. I was extremely pleased with the entire process and how John and the team delivered.”