Dobson Mills, an apartment community in the East Falls
neighborhood of Philadelphia, has been put on the market.
The eight-building complex at 4055 Ridge Pike has 285
apartments. It's about 96 percent occupied. The property includes 7,000 square
feet of retail space. Some have it trading for as high as $90 million.
Winther Investments Inc. of Houston began the project in
2005 at a time when Philadelphia’s condominium market was on fire and
developers were focused mostly on construction condos. Believing that market
was over heated, Winther decided to make Dobson Mills a rental community. It
was completed in 2007 for $63 million.
The project at the time sparked an outcry from the labor
community when Winther hired Tocci Group of Cos., of Woburn, Mass., as its
construction manager, to oversee the project. In what is now shades of what
Post Brothers experienced with its Gold-Tex apartment complex in Philadelphia,
Tocci ran a merit-based operation and hired both union and non-union
contractors.
The property is being marketed by Holliday Fenoglio Fowler.
Source: Philadelphia
Business Journal
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