Philadelphia—The Granary, a new nine-story, Class A multifamily community in Philadelphia, has been acquired by Lowe Enterprises Investors from developer Pearl Properties on behalf of an investment client.
Featuring 229 one- and two-bedroom apartments and 20,463 square feet of retail space, The Granary was completed in October 2013. Brisk leasing activity has spurred the lease up of 40 percent of the apartments at the property, which is located at 20th and Callowhill Streets in Center City Philadelphia.
“We were attracted to The Granary because it is the premier apartment community in the city with strong potential for future rent growth,” Bleecker Seaman, co-CEO of Lowe Enterprises Investors, tells MHN. “The Philadelphia apartment market continues to demonstrate strong demand and growth. The Granary offers an excellent location, modern amenities and superior finishes to appeal to renters seeking a luxury property.”
In-unit washers and dryers, superior quality finishes such as granite countertops, stainless steel appliances and bamboo floors are among the upscale features of The Granary’s apartments. Many units feature dens or studies and balconies.
Building amenities include a state-of-the-art fitness center, business center, music room and library, community kitchen and clubroom with outdoor terrace, a roof deck with movie screen for community movie nights, on-site concierge and full-time doorman.
National and local retailers occupy the retail space. They include Petco and Pizzeria Vetri, with GNC, Whirled Peace frozen yogurt and Gyu-Kaku coming soon. Nearby is an array of cultural, retail and entertainment attractions. The Barnes Museum, Whole Foods and Starbucks are adjacent to The Granary.
The property is located near mass transit and major highways, and is within walking distance of the city’s core office market.
Construction was still underway while Lowe Enterprises Investors conducted its due diligence on the transaction, Seaman recalls. As a result, “we needed to monitor construction and operating expenses closely,” he says. “Lowe’s experience with property development and operations was a great benefit to us in monitoring and understanding the completion of the development process.”
The new ownership will deliver an exemplary level of service to tenants in the building through the new property management firm, Greystar, Seaman reports. “With Greystar’s national presence, they will implement best in class service seen in major markets around the country,” he adds. “The ownership plans an appealing array of retailers that will add to the excitement of the neighborhood and building.”