Manor Holdings Buys $51M Philadelphia Asset

The HUB at 31 Brewerytown. Image courtesy of Rittenhouse Realty Advisors

Manor Holdings has acquired The HUB at 31 Brewerytown, a 201-unit community in Philadelphia, for $51 million. Rittenhouse Realty Advisors brokered the sale on behalf of the seller, Westrum Development.

Built using modular construction in 2018, the property has a mix of studios and one- and two-bedroom units, ranging from 416 to 785 square feet, according to Yardi Matrix data. The community offers 20,000 square feet of indoor and outdoor amenity space, including 8,000 square feet of coworking space, a pool, a gym, an outdoor kitchen, as well as fire pit lounges and indoor lounge spaces. 

Located at 1406-1446 N. 31st St., the community is 1 mile north of the Philadelphia Museum of Art and less than half a mile east of Fairmount Park. Center City, along with its several dining, retail and entertainment options, is some 4 miles southeast, while Temple University is some 2 miles away.

A modular future

Even though still a small part of the industry, modular developments are gaining momentum due to lower costs, waste reduction and accelerated project timelines. The HUB marks the eighth modular property Rittenhouse Realty Advisors brokered in the last few years, the firm’s Managing Partner, Ken Wellar, said in a prepared statement.  

Wellar, together with Managing Partner Corey Lonberger and Director Mark Duszak, formed the team that arranged the sale.