PHILADELPHIA—Aimco, the owner of the Sterling and Park Towne Place apartment complexes in Center City here, has reportedly begun work on a more than $150-million capital improvement program at the properties.
Work has begun recently on an upgrade to the Sterling at 1815 John F. Kennedy Blvd., while work at the four-building Park Towne Place complex at 2200 Benjamin Franklin Parkway is expected to begin later this year, according to the Philadelphia Business Journal.
Along with a host of renovations and upgrades at both properties, the Denver-based REIT plans to gut the apartments at both the 19-story, 551-unit Sterling and the 973-unit Park Towne Place properties. The Sterling was built in 1961, while Park Towne Place first opened its doors in 1959.
Wes Powell, head of Aimco's redevelopment efforts in Philadelphia, says its efforts at Park Towne Place is to “reposition Park Towne to where it was 50 years ago when it was near the top of the rental market in Philadelphia.” Both the Sterling and Park Towne Place properties are fully occupied. See story in the Philadelphia Business Journal.
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