Historic Philadelphia Building Under New Management
- Oct 18, 2016
by Csilla Borsos
The building is situated at 1701 Arch St., offering a central location with intelligent floor plans and lifestyle-centered amenities. “The Arch is a great compliment to BridgeStreet Family of Brands due to its unique and highly visible location for corporate and leisure travelers,” BridgeStreet President & CEO Sean Worker, said in prepared remarks.
The 125,000-square-foot, 15-story property consists of studio, one- and two-bedroom floor plans, with average rents of $2,056, according to Yardi Matrix data. All units are recently renovated and equipped with state-of-the-art amenities, including washer and dryers in all units and dual-pane glass. Common area amenities include a fitness center, clubhouse and media room. The Arch in Philadelphia, added to the National Register of Historic Places in 1984, will become part of the Living by BridgeStreet brand.
“Philadelphia is an underserved market in the serviced apartment space and represented a great opportunity for BridgeStreet to open a flagship asset,” said in a prepared statement Derrick LaRosa, director of real estate at BridgeStreet.
Alterra acquired the building in 2007 in partnership with Patron Capital Partners. Although it was initially planned as a 200-key boutique hotel, Alterra decided to redirect the project into a multifamily, market rate apartment community, due to the recession in 2008. In a partnership with Federal Capital Partners, the conversion of the building was completed in 2012.
Image courtesy of Yardi Matrix