North Philly Apartment Building Sells for $20.5M, Record Price Per Unit

摘要

Philadelphia—A local investment group that usually focuses on small properties in the City of Brotherly Love recently purchased the Philadelphia Regency Apartments, a 300-unit, 15-story apartment building in North Philadelphia for $20.5 million—a record per-unit price for that market. Gebroe-Hammer Associates, one of the city's investment brokerage firms, brokered the sale, procured the buyer and represented the seller, David Goldstein, a Philadelphia-based investor. The investment group plans to renovate the complex and re-purpose it as high-end housing for Temple University students. "Thanks to the expansion of Center City and the Temple student body's desire for quality housing, this part of the city has been experiencing a significant turnaround," says Eli Rosen, assistant vice president of Gebroe-Hammer. "The property's size and location, less than a mile from both the University and Center City, made it a strong investment for the buyer, who acquired the property at a record per-unit price of just under $70,000."