Philly Multifamily Portfolio Trades for $14M
The properties situated in Philadelphia's University City changed hands for a total of $14 million. The locations offer residents access to the city's attractions and employment centers.
By Tudor Scolca
Gebroe-Hammer Associates arranged the sale of a Philadelphia multifamily portfolio, consisting in 20 properties and 83 units, to a private investor. West Village UCA sold the assets for $14 million and was represented by Senior Vice President Eli Rosen in the transaction. Specializing in multifamily deals within the metro, the firm brokered a $34 million portfolio sale in Whitehall, Pa., earlier this year.
The properties are spread out across three streets in Powelton Village. Eleven of them are situated at 3201-3027 Powelton Ave. and two are at 3214 and 3220 Powelton Ave. A 24-unit building is located at 311-313 N. 33rd St. and the rest are across the street, at 3214-3218 Pearl Street, including three two-unit townhomes with patios and garages. The properties offer a mix of studio, one-, two-, three- and four-bedroom floorplans.
The apartment communities are well-situated in the heart of the city, with 30th Street Station only 10 minutes away by foot and downtown Philadelphia just across the Schuylkill River. Penn Presbyterian Medical Center, Children’s Hospital of Philadelphia, Barnes & Noble or the University of the Sciences in Philadelphia are also nearby.
“Just across the street from Drexel University’s campus and Drexel Park, the properties were a major investment attraction because they offered a unique opportunity to acquire a collection of historically well-occupied multifamily assets within a one-block radius,” Eli Rosen said in a prepared statement.
Image courtesy of Gebroe-Hammer Associates